Dapper Labs lays off 22% of staff, NBA Top Shot hits lowest sales since December 2020
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Dapper Labs laid off 22% of its staff due to macroeconomic conditions.
Departing staff members will receive generous compensation and other benefits.
Dapper Labs’ top NFT platform, NBA Top Shot, saw a 43% decrease in secondary sales last month.
Canadian Web3 gaming studio Dapper Labs has reduced its staff by 22% due to the current ‘macroeconomic environment.’ Its top NFT product, NBA Top Shot, has seen the lowest sales number since December 2020 amid the ongoing crypto winter.
In an official blog post, founder and CEO of Dapper Labs, Roham Gharegozlou, explained: “We know web3 and crypto is the future across a multitude of industries – but today’s macroeconomic environment means we aren’t in full control of the timing.”
Gharegozlou emphasized that the company grew too fast, increasing employees from 100 to more than 600 in less than two years. These operational challenges prevented Dapper Labs from being as aligned and community-driven as needed.
Dapper Labs will offer departing staff members a set of benefits that include a three-month compensation, six months of paid health insurance, and four months of digital counseling.
The announcement came shortly after the reveal of NBA Top Shot’s October sales. According to the NFT analytics platform, CryptoSlam, NBA Top Shot NFTs raised $2.67 million in secondary sales for October, a 43% decrease from September’s $4.7 million. It’s the fourth consecutive month in which sales are declining and are far away from February’s 2021 record of $224 million in sales.
Since its launch in 2020, NBA Top Shot has generated over $1 billion in secondary sales. Only $207 million from $1 billion was traded in 2022.
NFT trading volume on the Flow blockchain, which Dapper Labs created to launch NBA Top Shot, plunged from $39 million in September to $15.6 million in October.
Although the data is discouraging, in October, Dapper Labs partnered with LaLiga to launch Golazos, an NFT marketplace based on Spain’s top football league, built on the Flow blockchain. Users can sell and trade NFT trading cards representing video highlights of the league’s best moments. Golazos launched in closed beta on October 27.
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