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Dapper Labs Cutting Off 20% Employees, Cites Corporate Restructuring

The blockchain-based gaming platform Dapper Labs has announced a second round of lay off. An email from Dapper Labs management on February 23 revealed that the company would dismiss 20% of full-time employees to restructure the organization. Dapper’s downsizing effort will mark the second layoff round following the 22% headcount reduction in November 2022.

Dapper Labs Downsizing

The February 23 email communication revealed that Dapper Labs would prioritize restructuring its corporate unit. The restructuring efforts compelled Dapper to dismiss 20% of its full-time workforce.

A follow-up email from Dapper Labs chief executive Roham Gharegozlou on February 23 confirmed that the company has stable financial health without any debt. Dapper layoff strikes when the non-fungible token (NFT) prices attempts to restore its market position after being stuck in the red zone for quite a long time.

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The departure of 20% of the workforce came when Dapper’s community manager Drew Garrison revealed plans to step down on February 22.

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Remarkably, Dapper Labs attained commendable achievement in developing the NFT shop and NBA Top Shot. In September 2021, the attempt to upscale its NBA Top Shot and support the NFT collection prompted Dapper Labs to launch a funding round that generated the firm $ 250 million. At that moment, Dapper Labs’ valuation rose to $7.6 billion.

Dapper Labs Round One Lay Off

In November 2022, Dapper Labs witnessed an unexpected reshuffling of the management due to the resignation of the company’s senior managers. The departure of Dapper’s core team triggered the firm to make bold steps to restructure its operation department. 

Besides restructuring, Dapper reduced 22% of its employees to sustain its operation in 2022.

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Kimberly Crain

Kimberly Crain is a seasoned crypto trader and writer, offering valuable insights into the digital asset market. With expertise in trading strategies and a passion for blockchain technology, her concise and informative articles empower readers to navigate the evolving world of cryptocurrencies.

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