NFT Startup Candy Digital Lays Off Roughly 100 Staff

As of November 29, Candy Digital, a sports and entertainment NFT startup with a $1.5 billion valuation, laid off a significant portion of its staff.

Laying off more than a third of workforce

According to sources close to Candy, Sportico reported that more than one-third of its 100 employees had been laid off.

According to the people, who asked for anonymity because the details are private, the company informed employees Monday morning of the cuts.

Michael Rubin, executive chairman and CEO of sports apparel giant Fanatics, Mike Novogratz, and Gary Vaynerchuk, entrepreneur and investor, founded Candy Digital in June 2021.

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Twitter laid off roughly half of its workforce after Elon Musk’s takeover earlier this month, which coincided with a “layoff surge” sweeping technology.

Employees response

The layoffs included Muntner, a former community content manager at Candy Digital who took to Twitter to express his thoughts.

“I hate that I have to share this as much as I loved my job at @CandyDigital, but I was part of the layoffs that occurred earlier today. I am quickly looking for a new role in Community Management, Graphic Design, or related Marketing. Thanks, Candy Fam for one hell of a ride ❤,” he said. 

Cryptocurrencies and NFTs are the hardest hit, areas that were already in decline before the FTX collapse threw the industry into chaos.

 The NFT platform Dapper Labs, which powers NBA Top Shot and NFL All Day, cut 22% of its staff earlier this month.

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Within a few months of the firm’s launch, the firm raised $100 million at a valuation of $1.5 billion. SoftBank, Insight Partners, Will Ventures, Peyton Manning, and other athletes, whose names were not disclosed, contributed to that round.

Major League Baseball was Candy’s first official license, and various collections based on the league and its teams have been sold.

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Jamilatul Mahmudah

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