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NFT Startup Candy Digital Cuts One-Third Employees

Candy Digital, a sports and entertainment NFT start-up launched in 2021 and valued at $1.5 billion the same year, has reportedly let off a significant chunk of its workers.

Candy has laid off more than one-third of its almost 100-person team this year due to fluctuating crypto market conditions and a significant decline in NFT trading volumes.

Matthew Muntner, Candy Digital’s former community content manager, verified the story on Twitter.

Candy Digital is the second NFT-focused startup to lay off workers in recent months, as the industry has lost pace as a result of the crypto market’s downturn and broader financial insecurity. Since the beginning of the year, NFT sales have plummeted dramatically. NFT prices have also fallen.

One of Candy’s key competitors in the sports NFT market, Dapper Labs, laid off around 22% of its staff earlier this month.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.