Subsequent-generation digital collectibles platform, Sweet Digital, is the most recent firm to really feel the icy grip of crypto winter. It has just lately lowered its headcount by a mammoth 33% because it braces for the oncoming blizzard.
Backed by crypto energy trio Gary Vee, Mike Novogratz, and Michael Rubin, Sweet Digital arrived on the scene throughout the heady days of 2021. They initially launched as a sports activities NFT platform with a profitable MLB licensing contract. It was then broadening its attain into collectibles by securing extra partnerships with Netflix, Getty Pictures, and a whole fleet of NASCAR racing groups.
I hate that I’ve to share this as a lot as I cherished my job at @CandyDigital however I used to be a part of the layoffs that occurred earlier at present.
I’m shortly in search of a brand new function in Group Administration, Graphic Design, or associated Advertising.
Thanks, Sweet Fam for one hell of a trip ❤️
— Muntner (@muntnerdesigns) November 28, 2022
The corporate reached new heights in October 2021 following a profitable $100m spherical of sequence A funding. This funding was a mighty sum that helped take the corporate valuation as much as an eyewatering $1.5 billion. Nevertheless, the crypto markets have stalled, NFTs have misplaced their momentum, and the broader macroeconomic panorama is in turmoil. Many tech companies face the stark actuality of decreasing headcount as they appear to climate the storm.
Over the previous months, a number of tech giants have confronted comparable robust staffing choices, with the likes of Web3 companies, Opensea (20%) and DapperLabs (22%) taking steps to streamline operations. With legacy social media goliaths, Meta (13%) and Twitter (a reported 50%) are making comparable staffing changes.
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