Dapper Labs Inc., creator of the NBA Top Shot marketplace for nonfungible tokens, announced further jobs cuts amid a downturn in demand for digital collectibles.
Chief Executive Officer Roham Gharegozlou in a tweet said the company had parted ways with 51 colleagues. Dapper Labs said in February that it had cut 20% of staff, following a 22% reduction in November last year.
The NFT sector has cooled markedly compared with the heady days of pandemic-era demand fueled by giant liquidity injections. The market witnessed a dramatic selloff earlier this month.
Read more: NFT Prices Slump as Popular Collection Tumbles Following Debut
The crypto sector as a whole has shed thousands of jobs in the wake of a $1.5 trillion slump in coin prices last year and a series of blowups at digital-asset outfits, most notably the bankruptcy of the FTX exchange.
(Updates the second paragraph with context on earlier Dapper Labs job reductions.)
