Dapper Labs to Cut Down Staff by Another 20% amid Rebounding NFT Market

UTC by Mayowa Adebajo · 2 min read
Dapper Labs to Cut Down Staff by Another 20% amid Rebounding NFT Market
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The CEO is linking the new job cuts to restructuring.

Barely four months after laying off 22% of its staff, Dapper Labs is set to dismiss another 20% of its remaining staff. According to the letter sent to the team by Dapper Labs CEO Roham Gharegozlou, the latest decision is in line with the company’s restructuring plans. Part of the letter reads:

“We are restructuring the Dapper Labs organization to improve our focus and efficiency, strengthening our position in the market and better serving our communities.”

Gharegozlou also noted that the notification has only been sent to affected employees, meaning that those who didn’t receive any notification were not impacted.

Dapper Labs Insists Staff Layoff Is Not about Financials

Back in November, when Dapper Labs carried out its first notable round of layoffs, it cited that the company was growing too fast. At the time, Gharegozlou claimed that the number of employees at Dapper Labs had exploded from 100 to 600 in under two years. And according to him, the job cuts were necessary if Dapper was to stay in business.

Now, however, the CEO is linking the new job cuts to restructuring. That is, the layoffs will be focused on employees in units that might not fit into its futuristic plans.

Gharegozlou also dismissed thoughts that the job cuts might be due to financial issues. He said the move only aligns with the company’s long-term goal of ensuring sustainable growth of its communities.  He said:

“Dapper Labs remains in a strong cash position with no outstanding debt.”

NFT Market on A Rebound

It might be worth mentioning that the recent move by Dapper Labs also follows a resurgence in the NFT market. Recently, trading volumes are rising exponentially, even as non-fungible tokens (NFTs) are roaring back to life. The boost, though general to all crypto markets,  follows after the recent launching of the NFT marketplace, Blur. Blur immediately became an instant success, having a 53% NFT marketplace share a few months after launch.

Dapper Labs remains the curator of several top NFT collections. Some of them include NBA Top Shots, NFL All Day, CryptoKitties, and many more.

Blockchain News, Cryptocurrency News, News
Mayowa Adebajo

Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.

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