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Candy Digital has laid off a third of its 100 employees as NFTs have dropped significantly.
According to Blockchain tracker DappRadar, NFT sales in the third quarter of 2022 plunged to $3.4 billion, which is $5 billion less than the previous quarter.
The layoffs at the non-fungible token (NFT) platform backed by Fanatics, entrepreneur Gary Vaynerchuk and Galaxy Digital founder Michael Novogratz come weeks after digital collectible marketplace firm Dapper Labs laid off 22 percent of its workforce.
Fanatics made it clear that Candy Digital was run independently from it and they were not involved in the day-to-day operations of the company.
Candy Digital has a partnership with Major League Baseball (MLB), allowing it to build the league’s official NFT ecosystem. In January it launched a secondary marketplace for officially licensed MLB NFTs, which generated sales worth $2.7 million on its first weekend.
The company also has partnerships with World Wrestling Entertainment, every Nascar team, and several college athletes.
