Dapper Labs, the digital assets incubation studio behind the popular National Basketball Association (NBA) Top Shot-themed non-fungible tokens, has announced shedding 20% more of its staff as part of its company restructuring plan.
Dapper Labs Cuts 20% Of Its Staff
The digital assets incubation firm announced the sad news mid this week. While commenting about the recent staff downsizing, Roham Gharegozlou, the founder and chief executive officer (CEO) of Dapper Labs, remarked:
“As shared earlier today, we are restructuring the Dapper Labs organization to improve our focus and efficiency, strengthening our position in the market and better serving our communities. As part of this restructuring, we decided to part ways with 20% of full-time employees.”
Established in 2018, Dapper Labs is a software development company focused on building blockchain-based games. The NFT firm is renowned for its popular “CryptoKitties,” an NFT game allowing gamers to collect, breed and sell virtual cats as NFTs.
The NBA Top Shot NFT creator gained mainstream adoption in 2021 when the crypto and non-fungible token market boomed, pushing the company to expand the number of employees from 100 to more than 600.
Dapper Labs Market Health
Dapper Labs’ market woes began looming last year after its NBA Top Shot emerged as one of the projects that suffered the most from the crypto market winter. The NFT market winter started sometime in mid-2022, leaving many NFT collections losing more than 70% of their value.
In November 2022, Dapper Labs announced laying off more than 20% of its staff, citing the crypto bear market. The company claimed to have lost 90% of its NBA Top Shot sales volume within a couple of months.
Dapper Labs’ market woes show no signs of slowing down. Earlier this week, a federal judge ruled that Dapper Labs NBA “Top Shot Moments” NFTs might be securities. The judge claimed the firm should have registered its NFT collection with SEC before rolling it out for the public auction.
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