Dapper Labs Fires 51 of its Employees

Roham Garegozlou, CEO of Dapper Labs, had to make the difficult decision to layoff 51 “brilliant colleagues and friends” – the third layoff at the NFT company in less than a year.

This constitutes a 12% decrease in the total staff, according to Growjo.

The previous layoffs, in November 2021 and February 2022, had involved about 130 and 20% of the employees, respectively.

In an open letter, Garegozlou emphasized that although it was a difficult decision, it had to be done to ensure the stability and effectiveness of Dapper Labs.

He also mentioned that the Flow blockchain remained “well capitalized” and that the restructuring would help focus on users and the “healthy development of the community.”

Unfortunately, the cuts come at a time when the NFT market is facing a global downturn.

The Dune dashboard by SeaLaunch shows that NFT trading volumes on many marketplaces have decreased and unique users have been leaving in droves.

The data also confirms the report by the Nansen Network, which stated that royalties earned by NFT creators from reselling tokens have dropped to a two-year low of nearly 1000 ETH.