The move marks Dapper Labs’ second round of layoffs since November as it contends with declining NFT sales.
Vancouver-based Web3 company Dapper Labs has laid off 20 percent of its full-time employees.
A post from Dapper Labs founder and CEO Roham Gharegozlou called the latest round of layoffs part of a restructuring. It remains unclear how many Dapper Labs employees have been impacted by the decision.
These cuts represent Dapper Labs’ second round of significant layoffs since November, when BetaKit reported that the firm shed 22 percent of its staff as part of a broader refocus of strategy and reorganization of teams.
Dapper Labs’ latest layoffs, first reported by The Block, were confirmed by Dapper Labs in a statement published on February 23 to the company’s website. Gharegozlou wrote that Dapper Labs is cutting staff as part of a push to improve its “focus and efficiency.”
Dapper Labs’ most recent layoffs come as the firm contends with a broader crypto winter that has seen the demand for and value of the non-fungible tokens (NFTs) it develops drop. Amid these conditions, Dapper Labs is also facing a class action lawsuit claiming its NBA Top Shot Moments NFTs constitute unregistered securities.
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