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NFT Candy Digital is Laying Off More Than 30% of its Employees

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NFT Candy Digital is laying off more than 30% of its employees. According to reports, a significant part of the employees of Candy Digital, an NFT gaming and entertainment company, has been fired. Sources close to the company said Sportico was the first to report that Candy Digital had laid off more than a third of its 100-person crew.

Community content manager Matthew Muntner, a former employee, tweeted that he was among the departing staff. Apparently, the company launched in 2021 has a value of about $ 1.5 billion.

Digital Candy – NFT industry focused

Michael Rubin, executive vice president of sports giant Fanatics, along with Mike Novogratz, CEO of Galaxy Digital, and businessman and investor Gary Vaynerchuk, created Candy Digital in June 2021. At that time, it is said that Fanatics is the owner and will be the owner. advertise candy with its current customers.

Candy Digital is the latest NFT-focused company to experience declines in recent months as the company lost a lot of time due to the general downturn in the cryptocurrency world and the macroeconomic turmoil. . Since the beginning of the year, the NFT market has fallen significantly. Total retail sales in October were 87% lower than in January.

Other services provided by NFT companies

Candy started working with the license of Major League Baseball and has published different collections based on the team and its members. Since then, the company has developed other sports franchises, such as contracts with World Wrestling Entertainment (WWE), every NASCAR team, and many college athletes.

One of Candy’s main competitors in the NFT sports market, Dapper Labs, which produces NBA Top Shot and NFL All Day, laid off about 22% of its workforce earlier this month, but it is unclear how many people were affected. In July, OpenSea, the world’s leading NFT exchange, laid off 20% of its workforce.

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