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According to news reports, a significant portion of the workforce of Candy Digital, a sports and entertainment NFT firm has been dismissed. The sources familiar to the firm said that Sportico was the first to break the news that Candy Digital had let go more than one-third of its around 100-person crew. Community Content Manager Matthew Muntner, a former worker, tweeted that he was among the departing staff members. Notably, the firm launched in 2021 has a valuation of around $1.5 billion. https://twitter.com/muntnerdesigns/status/1597302048969850881
Candy Digital - A NFT-Focused Company
Michael Rubin, executive chairman of sports goods behemoth Fanatics, with Mike Novogratz, CEO of Galaxy Digital, and businessman and investor Gary Vaynerchuk, established Candy Digital in June 2021. At the time, it was stated that Fanatics was the primary owner and would use its current customers to advertise Candy. Candy Digital is the most recent NFT-focused company to experience reductions in recent months as the business has lost substantial momentum due to a general fall in the cryptocurrency world and broader macroeconomic unrest. Since the beginning of the year, NFT sales have declined significantly. The overall trading volume in October was 87% lower than it was in January.
Other Activities of the NFT-Backed Company
Candy began operations with the authorized Major League Baseball license and has since released different collections based on the league and its teams. Since then, the company has released more sports licenses, such as a deal with World Wrestling Entertainment (WWE), every NASCAR team, and a number of collegiate players. One of Candy's main competitors in the sports NFT market, Dapper Labs, which produces NBA Top Shot and NFL All Day, lay off around 22% of its staff earlier this month, but it's not clear how many individuals were impacted. In July, OpenSea, the top NFT marketplace worldwide, laid off 20% of its workforce.