Candy Digital Feels the Pinch as Company Downsizes

next-generation digital collectibles platform, candy digital, is the latest company to feel the grip of crypto winter ice. Recently, he slashed his workforce by 33% to prepare for an impending blizzard.

Backed by crypto-powered trio Gary Vee, Mike Novogratz and Michael Rubin, Candy Digital has arrived at a busy time in 2021. Sports NFT platform We have profitable MLB license agreements. It then expanded into collectibles by securing additional partnerships. netflix, Getty Imagesand the entire fleet of NASCAR racing teams.

In October 2021, the company reached new heights with its successful $100 million Series A funding round. This investment was a huge investment that helped boost the company’s valuation to his eye-popping $1.5 billion. However, the cryptocurrency market has stalled, NFTs have lost momentum and the entire macro economy is in turmoil. Many tech companies are facing the harsh reality of layoffs to weather the storm.

Over the past few months, several tech giants have faced similarly tough staffing decisions, with Web3 companies such as Opensea (20%) and DapperLabs (22%) taking steps to streamline their operations. I’m here. Along with traditional social media giants, Meta (13%) and Twitter (reported at 50%) are making similar staffing adjustments.

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