Dapper Labs' Feldman: 'A difficult day' as company lays off 22% of staff

People • November 2, 2022, 8:21PM EDT

Quick Take

Dapper Labs reportedly laid off up to 22% of its workforce in an apparent restructuring.

Dapper Labs laid off almost one-quarter of its employees, Senior Vice President of Marketing Dave Feldman confirmed on Twitter, as the company grapples with plunging NFT trading volumes.

Almost 22% of Dapper Labs’ staff — or, 134 out of a total workforce of 613 — was laid off as part of a larger reorganization strategy, BetaKit first reported.

Feldman on Twitter called the reorganization a "difficult day."

As Dapper reorganizes, NFT trading volume across gaming, art, and collectible markets, in which the company holds significant financial stakes, declined since a high last May, based on data from The Block Research.

About Author

Jeremy Nation is a senior reporter at The Block covering the greater blockchain ecosystem. Prior to joining The Block, Jeremy worked as a product content specialist at Bullish and Block.one. He also served as a reporter for ETHNews. Follow him on Twitter @ETH_Nation.