Candy Digital, the Non-fungible token (NFT) platform, laid off a third of its staff this week, as confirmed by employees and first reported by Sportico. The NFT startup was co-founded by Gary Vaynerchuk, Mike Novogratz’s Galaxy Digital, and online retailer Fanatics. The layoffs come amid a surge of cuts across the tech industry and declining NFT sales volumes.
Within a few months of launching, the startup was valued at $1.5 billion after raising $100 million through a Series A funding round co-led by Softbank and Insight Partners. The meteoric rise came amid the sports NFTs hype, and having sports licensing firm Fanatics as Candy Digital’s major shareholder.
Candy Digital’s NFT partnerships include Major League Baseball, NASCAR teams, WWE and Netflix.
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