Dapper Labs makes 3rd round of cuts in 9 months amid NFT slump
July 12. 2023
By Martin Young
NFT collectibles company Dapper Labs has said goodbye to another 51 employees only months after a 20% staff reduction in February.
Nonfungible token collection and technology firm Dapper Labs has announced its third round of staff layoffs in less than a year.
On July 13, Dapper Labs CEO Roham Gharegozlou announced that the firm has said goodbye to “51 brilliant colleagues and friends.”
In a note to employees, he said that the latest round of cuts includes full-time staff and C1 contractors.
“The decision was incredibly difficult because of the amazing people affected,” he said before adding that it was necessary and the right thing to do to “ensure a lean and efficient” company.
Gharegozlou however reiterated that the Dapper Labs and Flow remained “well capitalized” before adding:
“With this restructure we have made the business more lean, which is going to let us do the right thing for our fans and grow our communities in the most healthy ways possible.”
The cut represents around 12% of the company’s staff according to total employee figures from Growjo.com.
It is the third staff cut by the company in less than a year following a 22% downsize in employees in November 2022 and a 20% cut in staff in February 2023.
Cointelegraph reached out to Dapper Labs for further comments but had not heard back at the time of publication.
Dapper Labs is known for developing well-known collectibles such as CryptoKitties and NBA Top Shot.
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