And the layoffs continue amid the ongoing bear market with non-fungible tokens (nft) platform candy digital became one of the latest companies to lay off a significant number of its employees.
Candy Digital is an NFT platform founded by entrepreneur and investor Gary Vaynerchuk and Michael Novogratz, the founder of a US-based crypto financial services firm. Galaxy Digital,
Sportico cited “several people familiar with the decision” as saying informed of that the platform decided to lay off “a substantial portion of its workforce”.
Sources said that more than a third of the company’s approximately 100 employees have been laid off and were informed about it on Monday morning.
Matthew Muntner, now a former community content manager at Candy Digital, said Monday that he was part of the layoff, prompting several commenters to say they regret his departure.
Candy Digital was launched last year. A press release dated June 1, 2021 announced He,
“Candy Digital is being launched by three stalwarts of their respective industries […]:Michael Rubin, Executive Chairman, Fanatics; Mike Novogratz, Founder and CEO, Galaxy Digital; and Gary Vaynerchuk, serial entrepreneur and investor.”
Therefore, a sports apparel and fan gear store fanatics became majority shareholders, while Novogratz and Vaynerchuk became equity partners in the company.
A few months later, in October, Candy Digital raised $100 million at a $1.5 billion valuation, from softbank, Insight Partners, Connect Ventures, Will Venturesand others, including many athletes, active and retired.
It is not the only company in the crypto space that has decided to cut its workforce, nor is it the only one in its NFT section. In early November, major NFT firms Dapper Labsproducer of nba top shot market, announced It was laying off 22% of its workforce, citing the “macroeconomic environment”.
were also in early november reports Novogratz may let go of up to 20% of Galaxy Digital workforce amid market slump.
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learn more:
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