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Candy Digital NFT forced into mass layoffs



Candy Digital NFT has been forced to lay off at least one-third of its nearly 100 employees.. According to leaked reports, the actual number could rise to nearly half of the total workforce.

Candy Digital NFT Logo

The state of the ecosystem and the digital asset market is critical due to the “cryptocurrency winter” that has affected the industry for more than a year. The sharp drop in asset prices due to the flight of users from the ecosystem has meant that companies focused on blockchain and Web3 are having a very difficult time financially. The recession has forced many of these companies to lay off part of their workforce, as in the case of Coinbase o Meta.

As can be seen, even large centralized companies have not been spared from layoffs, and smaller companies have repeated the pattern more aggressively. The latest platform forced into mass layoffs is Candy Digital NFT.

Candy Digital is an NFT asset creation and collection portal.mainly focused on token creation from the world of sports. The platform has received support from industry personalities such as. Mike Novogratz and Gary Vaynerchuk. Last year, theplatform managed to achieve unicorn startup status, reaching a valuation of $1.5 billion.. All these parrots place Candy Digital as a strong company in the industry, but they failed to become strong after the cutbacks.

Last Monday, Megan MerrickCandy Digital’s customer experience manager, posted an official message on Discord to announce the measures. The startup would be laying off at least a third of its nearly 100 employees. Merrick stressed that they were forced to make this decision because of a “difficult macroeconomic and rapidly deteriorating market conditions.“.

The company’s own employees accepted the layoff, a layoff that had already been assumed because they were aware of the economic/market situation and the company itself. One of these fired employeeswho preferred to remain anonymous, clarified that the level of dismissal was much higher than what was mentioned in the press release. According to this employee, the layoffs would have been reached 50% of the platform’s employeesand would even surpass it.

Candy Digital has managed to surround itself with world-class partnerships and brands such as: Major League Baseball, World Wrestling Entertainment (WWE), Netflix and many others. Even when creating assets with such powerful names behind them, weekly sales revenues have plummeted since last April. Within about 7 months, sales volume has fallen by almost 95%.This was considered one of the main reasons why the platform decided to make such massive cuts.

Continue reading the new Grant program launched by Game7 to support Web3 game projectsmight be of interest.

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