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In response to the market downturn, Candy Digital NFT shop fires a large number of employees.

2022/11/30 (Nov 30th, 2022 4:08 am)
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Around a year after Candy Digital, a company that creates digital collectibles, attained unicorn status when its valuation soared to $1.5 billion, it cut a significant number of jobs—possibly as many as half of its workforce. Candy Digital is financially supported by industry titans Mike Novogratz and Gary Vaynerchuk.

Sportico was the first to report the layoffs, claiming, citing unnamed sources, that more than a third of the company’s approximately 100 employees had been let go. The Block was informed by a laid-off worker who asked to remain anonymous that up to half of the workforce at Candy Digital may have been let go.

Fanatics, an e-commerce company with a sports theme and the majority owner of Candy Digital, did not immediately respond to requests for comment.

Leaders in the web3 industry like Novogratz, Vaynerchuk, and Michael Rubin support Candy Digital, a company that primarily develops non-fungible tokens with a sports theme.

The funding round, which was co-led by Insight Partners and Softbank Vision Fund 2, also included former NFL quarterback Peyton Manning, Connect Ventures, Will Ventures, Gaingels, Com2Us, and Athletes Syndicate through a collaboration with Chaos Ventures.

Weekly sales volumes for digital collectibles have fallen since April, falling by as much as 95% at one point, despite Candy Digital’s collaborations with well-known companies like Major League Baseball, World Wrestling Entertainment (WWE), and Netflix.

It is not offered or meant to be used as financial, investment, tax, or other advice of any kind.

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