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.
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