NBA Top Shot Creator Dapper Labs Cuts Jobs in NFT Downturn

Dapper Labs Inc., creator of the NBA Top Shot marketplace for nonfungible tokens, announced further jobs cuts amid a downturn in demand for digital collectibles.

(Bloomberg) — Dapper Labs Inc., creator of the NBA Top Shot marketplace for nonfungible tokens, announced further jobs cuts amid a downturn in demand for digital collectibles.

Chief Executive Officer Roham Gharegozlou in a tweet said the company had parted ways with 51 colleagues. Dapper Labs said in February that it had cut 20% of staff, following a 22% reduction in November last year.

The NFT sector has cooled markedly compared with the heady days of pandemic-era demand fueled by giant liquidity injections. The market witnessed a dramatic selloff earlier this month.

Read more: NFT Prices Slump as Popular Collection Tumbles Following Debut

The crypto sector as a whole has shed thousands of jobs in the wake of a $1.5 trillion slump in coin prices last year and a series of blowups at digital-asset outfits, most notably the bankruptcy of the FTX exchange.

(Updates the second paragraph with context on earlier Dapper Labs job reductions.)

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