Canadian NFT company Dapper Labs will lay off another 20% of its employees after cutting its staff by 22% in November 2022. This is reported The Block.
According to media estimates, approximately 134 employees of the firm left their jobs in the fall.
Dapper Labs CEO Roham Garegoslow called the cuts a “corporate restructuring.” According to him, the company has “a stable financial position and no outstanding debt.”
“So, after almost two years of work, many restructurings and layoffs, my time has come. Another 20% reduction today,” wrote Flow Blockchain Community Manager Drew Garrison.
Well, after almost two years with Dapper Labs and surviving multiple restructures and layoffs, my time has come. Another 20% drop today. A great learning experience, but I can’t wait to kill it wherever I go next.
— Drew Garrison (@DrewGarrisonSBN) February 22, 2023
Content manager Daniel Martin also said that he was affected by a new wave of layoffs.
Unfortunately, I was among those affected by Wednesday’s layoffs at Dapper Labs.
I’m immensely grateful to have had the opportunity to build something as unique and innovative as NFL ALL DAY, alongside some incredible colleagues.
— Daniel Martin (@dmartindigital) February 23, 2023
Over the past 30 days, NFT trading volume on the company’s Flow blockchain has dropped by almost 8%, according to CryptoSlam. The undisputed leader of the segment, Ethereum, has grown by more than 100%.
NFT trading volume on the ImmutableX blockchain increased by 78.5% over the period. In late February, the startup behind the network, Immutable, announced a new wave of state optimization.
On February 22, a federal judge did not uphold Dapper Labs’ request to dismiss a class action lawsuit against the company. Investors have accused the firm of offering unregistered securities in the form of the NBA Top Shot NFT platform.
The company noted that the court’s decision is not final in the case. Industry lawyers like Jake Chervinsky and Brian Christenson have confirmed this view. The latter noted that the consideration of the claim could drag on for years.
Absolutely. The order in the Dapper Labs case is NOT an affirmative determination that NBA Top Shot moments are securities. At the motion to dismiss stage, which is what this decision is about, a court must “accept as true all factual allegations and draw from them all reasonable https://t.co/iHH2H0ocfr
— Bryan Christenson, Esq. (@web3bryan) February 24, 2023
Recall that in May 2022, Dapper Labs raised $750 million in the Flow ecosystem development fund.
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