NFT unicorn Candy Digital laid of a large number of its employees roughly a year after the company's valuation shot to $1.5 billion.
Despite achieving unicorn status last year Candy Digital decided to let go of a large number of its roughly 100 employeesMike Novogratz, Gary Vaynerchuk and Michael Rubin have backed the company.
Both Candy Digital and its majority owner, the sports themed, e-commerce player Fanatics, did not immediately respond to requests for comment. Candy Digital, which primarily creates sports focused, non-fungible tokens, is backed by web3 leaders like Novogratz, Vaynerchuk and Michael Rubin. The company achieved its unicorn status last October after raisingInsight Partners and Softbank Vision Fund 2 co-led the funding round which included investors like former NFL quarterback Peyton Manning, Connect Ventures, Will Ventures, Gaingels, Com2Us, and Athletes Syndicate through a partnership with Chaos Ventures.
While Candy Digital has teamed up with world-renowned brands like Major League Baseball, World Wrestling Entertainment and Netflix, weekly sales volumes for digital collectibles have plummeted since April, crashing by as much as 95% at one point. Layoffs among web3 companies have been grabbing headlines in recent weeks. Earlier this month, Candy Digital's rival Dapper Labs© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nifty News: China’s lockdown protest NFTs emerge, Candy Digital cuts staff, and moreNonfungible token (NFT) images of China’s anti-lockdown protests appear on OpenSea, NFT startup Candy Digital has reportedly cut a third of its staff, the Bored Ape Yacht Club theme restaurant pops up in the Philippines, and Ripple’s blockchain records a record NFT sale.
Read more »
Fidelity Charitable launches NFT raffle amid crypto downturnNEW YORK (AP) — Fidelity Charitable is getting into NFTs, the digital images that are registered on the blockchain, despite a torrent of bad news from the adjacent world of cryptocurrencies. The nation's largest grantmaker is sponsoring a raffle that ends Tuesday, where participants can claim one of the NFTs, which stands for nonfungible token , and 50 will win $1,000 to donate through a donor advised fund at Fidelity.
Read more »
The Rigours of NFT Game Design | HackerNoonNFT games can come in all sorts of different shapes and sizes. They can be simple on-chain strategy games, advanced and expansive massively multiplayer online - by BanklessHQ bankless nft
Read more »
Miley Cyrus Is All Smiles at Her 30th Birthday Party: ‘Thankful For All the Love’The singer charged into her third decade with a candy-topped cake.
Read more »
When Baby Ruth candy bars fell from the sky for Southern California kidsThe publicity stunt promoting Curtiss Candy Co. products took place across the region and the country, encouraging kids to gather for scheduled candy drops.
Read more »
Crisis Core's upcoming remake still works best as a portable game | Digital TrendsIf you're trying to decide what platform to buy Crisis Core: FinalFantasy VII Reunion on, prioritize portability over power.
Read more »