{"id":14951,"date":"2022-11-29T17:57:55","date_gmt":"2022-11-29T17:57:55","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/nft-firm-candy-digital-cuts-over-a-third-of-the-companys-staff-bitcoin-news\/"},"modified":"2022-11-29T17:57:55","modified_gmt":"2022-11-29T17:57:55","slug":"nft-firm-candy-digital-cuts-over-a-third-of-the-companys-staff-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/nft-firm-candy-digital-cuts-over-a-third-of-the-companys-staff-bitcoin-news\/","title":{"rendered":"NFT Firm Candy Digital Cuts Over a Third of the Company\u2019s Staff \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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With non-fungible token (NFT) sales a lot lower than they were at the start of the year, NFT companies and marketplaces are feeling the pain associated with the second-largest crypto winter to date. According to a report published on Monday and \u201cmultiple people familiar with the situation,\u201d the NFT company Candy Digital is laying off over a third of the firm\u2019s staff.<\/strong><\/p>\n

After Raising $100 Million in 2021, Report Says Candy Digital Cuts a Third of Its Employees a Year Later<\/h2>\n

On Monday, Sportico\u2019s sports business reporter Eben Novy-Williams reported<\/a> that the NFT firm Candy Digital \u201cis laying off a large chunk of its workforce, according to multiple people familiar with the decision.\u201d Sportico\u2019s article notes that roughly one-third of Candy Digital\u2019s 100 staff members are being let go, the people familiar with the matter detailed.<\/p>\n

Candy Digital is a Fanatics-backed NFT marketplace that\u2019s also bolstered by Galaxy Digital\u2019s Michael Novogratz, and the business entrepreneur and NFT creator Gary Vaynerchuk. Candy Digital launched in June 2021 and at the time the company revealed<\/a> a long-term partnership with Major League Baseball (MLB).<\/p>\n

Sportico details that the publication\u2019s news team reached out to both Candy Digital and the collectibles giant Fanatics, but both firms declined to comment about the alleged layoffs. The news comes at a time when NFT sales and overall interest in NFTs are both down a great deal<\/a> since the start of 2022.<\/p>\n

NFT sales, however, have been steady since October, and November\u2019s NFT sales were 22% higher<\/a> than October\u2019s sales volume. Candy Digital was able to raise $100 million<\/a> last year, and it gained a $1.5 billion post-valuation after the capital raise that occurred on Oct. 21, 2021.<\/p>\n

There were ten investors that funneled capital into Candy Digital last year, including investors such as Insight Partners, Softbank, Peyton Manning, Gaingels, and Will Ventures. The NFT platform is not the only crypto business that has let staff go<\/a> as the entire crypto industry has been plagued with staff reductions<\/a> all year.<\/p>\n

In the world of NFTs, Dapper Labs, the blockchain firm behind the popular NFT collections NFL All Day and NBA Top Shot, slashed 22%<\/a> of the company\u2019s workforce at the start of November. Last July, the largest NFT marketplace in terms of overall sales volume, Opensea, cut 20%<\/a> of the company\u2019s staff.<\/p>\n

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30-day NFT sales<\/a>, candy<\/a>, Candy Digital<\/a>, Candy Digital Layoffs<\/a>, Candy Digital staff cut<\/a>, company’s staff<\/a>, cut staff Candy Digital<\/a>, Dapper Labs<\/a>, Eben Novy-Williams<\/a>, Gaingels<\/a>, Insight Partners<\/a>, NFT sales<\/a>, NFTs<\/a>, Non-fungible Token<\/a>, Non-fungible tokens<\/a>, Opensea<\/a>, Peyton Manning<\/a>, Sales NFTs<\/a>, Softbank<\/a>, Sportico<\/a>, Will Ventures<\/a><\/div>\n<\/div>\n

What do you think about Candy Digital laying off roughly a third of the NFT company\u2019s employees? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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