• Dapper Labs has laid off 51 employees, making it the third round of layoffs in the past twelve months.
• The crypto winter in the Non-Fungible Tokens (NFT) market is partly to blame for the layoffs.
• The value of some blue chip NFTs have decreased by as much as 80%.
Dapper Labs Layoffs
Dapper Labs recently announced that they have laid off 51 employees, making it their third round of layoffs in the past 12 months. This was due to a protracted crypto winter in the Non-Fungible Tokens (NFT) market.
NFT Market Struggling
The NFT market has not experienced the same post-FTX recovery as other sectors of the crypto economy and is still experiencing difficulties. Trading volume is struggling and sales volume and users on NFT marketplaces are continuing to decline. The value of some blue chip NFTs have decreased by as much as 80%.
Restructuring Dapper Labs
Dapper Labs CEO Roham Gharegozlou announced that these layoffs were part of a restructuring effort to make their business more lean and help them do what’s best for their fans and grow their communities in healthier ways possible.
US Federal Trade Commission Fines Celsius Network
The US Federal Trade Commission recently issued a $4.7 billion fine against Celsius Network for deceptive practices related to its cryptocurrency lending services.. As a result, CEL prices took another hit and the US Securities Exchange Commission filed an additional lawsuit against Celsius Network over allegations of unregistered securities offerings and fraudulently misrepresenting financial performance.
Bitget’s Proof Of Reserves Sets Record
Exclusively, Bitget’s proof of reserves set a record with a total reserve ratio 223%, which is higher than any other cryptocurrency exchange currently operating globally.