NFT Startup Candy Digital Cuts One-Third Employees
Candy Digital, a sports and entertainment NFT start-up launched in 2021 and valued at $1.5 billion the same year, has reportedly let off a significant chunk of its workers.
Candy has laid off more than one-third of its almost 100-person team this year due to fluctuating crypto market conditions and a significant decline in NFT trading volumes.
Matthew Muntner, Candy Digital’s former community content manager, verified the story on Twitter.
Candy Digital is the second NFT-focused startup to lay off workers in recent months, as the industry has lost pace as a result of the crypto market’s downturn and broader financial insecurity. Since the beginning of the year, NFT sales have plummeted dramatically. NFT prices have also fallen.
One of Candy’s key competitors in the sports NFT market, Dapper Labs, laid off around 22% of its staff earlier this month.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Website: coincu.com
Harold
Coincu News
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NFT Startup Candy Digital Cuts One-Third Employees
Candy Digital, a sports and entertainment NFT start-up launched in 2021 and valued at $1.5 billion the same year, has reportedly let off a significant chunk of its workers.
Candy has laid off more than one-third of its almost 100-person team this year due to fluctuating crypto market conditions and a significant decline in NFT trading volumes.
Matthew Muntner, Candy Digital’s former community content manager, verified the story on Twitter.
Candy Digital is the second NFT-focused startup to lay off workers in recent months, as the industry has lost pace as a result of the crypto market’s downturn and broader financial insecurity. Since the beginning of the year, NFT sales have plummeted dramatically. NFT prices have also fallen.
One of Candy’s key competitors in the sports NFT market, Dapper Labs, laid off around 22% of its staff earlier this month.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
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