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Sweet Digital Feels the Pinch as Firm Downsizes

Subsequent-generation digital collectibles platform, Candy Digital, is the most recent firm to really feel the icy grip of crypto winter. It has just lately decreased 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 NFT platform with a profitable MLB licensing contract. It was then broadening its attain into collectibles by securing extra partnerships with NetflixGetty Images, and a whole fleet of NASCAR racing groups.

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 corporations 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 related powerful staffing choices, with the likes of Web3 corporations, Opensea (20%) and DapperLabs (22%) taking steps to streamline operations. With legacy social media goliaths, Meta (13%) and Twitter (a reported 50%) are making related staffing changes.

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