New wave of layoffs at Dapper Labs

For the third time, Dapper Labs, a company specializing in the NFT sector, is laying off more employees. The wave of layoffs come due to the following reasons.

In less than a year, Dapper Labs has now initiated a new wave of layoffs for the third time. A total of 51 employees must now leave the company, representing about 12 percent of the current workforce.

In the first round of layoffs, in November 2022, the company said goodbye to 22 percent of its staff. In the second round, in February of this year, it was 20 percent. As Dapper Labs CEO Roham Gharegozlou announced in a Twitter post, the layoffs include many high-ranking employees. A list of names is being published so that employees can be quickly placed elsewhere.

Trading volume of NFTs down sharply

Given the malaise in the NFT market, the cost-cutting measures are not surprising. For example, trading volumes of NFTs have fallen sharply in recent months. Prices for NFTs have also plummeted due to oversupply. Thus, for the NFT pioneer, the current situation is accompanied by sharp sales declines. For example, Dapper Labs became best known for its Crypto Kitties and NBA Top Shot collections.