The recent crypto market meltdown is not over and appears to be slowly spreading roots across crypto-related institutions, investors, and businesses. Candy Digital is a recent victim announcing mass layoff in the wake of the ongoing bear market.
In the past few weeks, the general crypto market and related projects have suffered huge losses since the collapse of crypto exchange FTX, which announced facing a liquidity crisis earlier this month.
Candy Digital Announces Mass Staff Lay Off
On November 29, reliable sources confirmed that sports non-fungible token startup, Candy Digital, has completed the laying of some of its staff, citing poor performance during the ongoing bear market.
Earlier Today, Sportico also reported that Candy Digital had slashed over one-third of its staff. In the same context, Matthew Muntner, a now former employee and community content manager, confirmed being among the victims of the recent Candy Staff layoff.
I hate that I have to share this as much as I loved my job at @CandyDigital but I was part of the layoffs that occurred earlier today.
I am quickly looking for a new role in Community Management, Graphic Design, or related Marketing.
Thanks, Candy Fam for one hell of a ride ❤️
— Muntner (@muntnerdesigns) November 28, 2022
Founded in 2021, Candy Digital is a sports and entertainment NFT startup allowing fans to purchase and sell NFTs. Michael Rubin, the executive chairman of sports merchandise giant Fanatics, established Candy Digital.
The NFT startup also saw the participation of Galaxy Digital founder and CEO Mike Novogratz alongside popular crypto investor Gary Vaynerchuk. Fanatics is the main shareholder of the Candy Digital platform.
Candy Digital’s NFT Portfolios
In October 2021, Candy Digital raised more than $100 million in a series A funding round that pushed its valuation to $1.5 billion. Candy used the secured funds to expand its investment portfolios.
At the time, Candy Digital announced partnering with Major League Baseball license and has sold several NFT collections based on the league and its teams. Since then, the firm launched other NFT projects with notable investments, including the World Wrestling Entertainment and racing teams.
Unfortunately, Candy Digital has lost significant momentum in recent months following the ongoing crypto bear market that began sometime in June. Candy Digital is now the latest NFT-centric firm to announce staff layoff, citing the bear market turmoil.
Other NFT firm that recently announced laying off their staff over the same concerns includes Dapper Labs, the biggest Candy rival, which announced slashing about 22% earlier this month. The NFT marketplace OpenSea opened the list shedding 20% of its staff in July.
- The NFT Winter Pushes Dapper Labs To Lay Off 22% Of Its Staff
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