Gary Vee-backed billion-dollar NFT platform cuts a third of workforce amid market downturn – here’s what you need to know

And the layoffs continue amid the ongoing bear market, with the non-fungible token (NFT) platform Candy Digital becoming one of the latest companies to fire a significant number of its employees.

Candy Digital is an NFT platform founded by entrepreneur and investor Gary Vaynerchuk and Michael Novogratz, the founder of the US-based crypto-financial services firm Galaxy Digital.

Sportico, citing “several people familiar with the decision,” reported that the platform decided to lay off “a large part of its workforce.”

More than a third of the company’s roughly 100 employees have been cut, the sources said, and were notified Monday morning.

Matthew Muntner, now former Community Content Manager at Candy Digital, said Monday that he was part of that layoff, with many commenters saying they were sorry to see him go.

Candy Digital was launched last year. On June 1, 2021, a press release announced that,

“Candy Digital is being launched by three titans of their respective industries […]: Michael Rubin, Executive Chairman, Fanatics; Mike Novogratz, Founder and CEO, Galaxy Digital; and Gary Vaynerchuk, serial entrepreneur and investor.”

Therefore, sportswear and fan equipment store Fanatics became the majority shareholder, while Novogratz and Vaynerchuk became equity partners in the company.

Just a few months later, in October, Candy Digital raised $100 million at a valuation of $1.5 billion, from SoftBank, Insight Partners, Connect Ventures, Will Venturesand others, including a number of athletes, active and retired.

This is not the only company in the crypto space that has decided to cut staff, nor is it the only one in the NFT part of it. In early November, the major NFT firm Dapper Labsthe creator of NBA top shot marketplace, announced that it was laying off 22% of its employees, citing the “macroeconomic environment.”

Also in early November, there were reports that Novogratz could let go of up to 20% of its Galaxy Digital workforce amid the market downturn.

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Learn more:
– Billionaire Mike Novogratz Says These Cryptos Are Here to Stay Despite Current Bear Market – Here’s What You Need to Know
– Billionaire Mike Novogratz May Cut 20% of Galaxy Digital Workforce – Sign of Bear Market?

– Cristiano Ronaldo Launches NFT Collection with Binance Crypto Exchange
– Sports NFTs: What are they and why are they so popular?