NBA Top Shot Developer Dapper Labs Continues Layoff Trend with New Round of Job Cuts

cryptonews.com:

Dapper Labs, the non-fungible token (NFT) collectibles company behind NBA Top Shot, recently bid farewell to an additional 51 employees, following a previous staff reduction of 20% in February earlier this year.

In an announcement by Roham Gharegozlou on July 13, the company's CEO revealed that the organization is undergoing its third round of staff layoffs within a year. 

Gharegozlou utilized Twitter to share an email sent to team members, disclosing that a significant number of 51 employees will depart.

"The decision was incredibly difficult because of the amazing people affected, but it is necessary, and the right thing to do is to ensure a lean and efficient Dapper Labs," reads the CEO's note.

Gharegozlou emphasized that Dapper Labs and Flow, NBA Top Shot's Blockchain, had ample capital resources, stating, "Despite the restructure, our financial position remains strong." 

Furthermore, he expressed, "Through this reorganization, we have streamlined our operations, enabling us to prioritize the well-being of our fans and foster the organic growth of our communities in the most sustainable manner."

Dapper Labs, a Vancouver-based company, rose to prominence in 2017 with the launch of CryptoKitties, a blockchain-based "game" that introduced the concept of NFTs through collectible feline characters.

Another noteworthy venture by Dapper Labs is NBA Top Shot, a collaboration with the NBA that debuted in 2020. Powered by Dapper Labs' Flow blockchain, NBA Top Shot allows users to trade digital assets based on video clips from NBA games.

In March 2021, Dapper Labs achieved a significant milestone by securing $305 million in funding, driving its post-money valuation to an impressive $2.6 billion. 

However, this accomplishment coincided