NBA Top Shot Creator Dapper Labs Cuts Jobs in NFT Downturn
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2023-07-13 15:59
Dapper Labs Inc., creator of the NBA Top Shot marketplace for nonfungible tokens, announced further jobs cuts amid

Dapper Labs Inc., creator of the NBA Top Shot marketplace for nonfungible tokens, announced further jobs cuts amid a downturn in demand for digital collectibles.

Chief Executive Officer Roham Gharegozlou in a tweet said the company had parted ways with 51 colleagues. Dapper Labs said in February that it had cut 20% of staff, following a 22% reduction in November last year.

The NFT sector has cooled markedly compared with the heady days of pandemic-era demand fueled by giant liquidity injections. The market witnessed a dramatic selloff earlier this month.

Read more: NFT Prices Slump as Popular Collection Tumbles Following Debut

The crypto sector as a whole has shed thousands of jobs in the wake of a $1.5 trillion slump in coin prices last year and a series of blowups at digital-asset outfits, most notably the bankruptcy of the FTX exchange.

(Updates the second paragraph with context on earlier Dapper Labs job reductions.)

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