NFT Now Announces Job Cuts Amidst Cooling NFT Market
The corporate’s president, Alejandro Navia, took to Twitter (X) to share the information, explaining that they’d expanded too quickly in the course of the bullish market part, necessitating a discount in employees.
The idea of web3 media or tokenized media publications goals to deal with the challenges confronted by web2 media corporations by capitalizing on NFTs to construct a robust group round their content material creation. NFT Now could be presently on a mission to empower cultural makers and encourage the widespread use of NFTs and web3.
In a notable achievement, the media firm launched its Now Go token in March, which quickly offered out at 0.25 ETH per token, producing a formidable $1.1 million in whole income.
Nevertheless, the once-booming NFT sector has cooled off significantly in comparison with the height demand it skilled in the course of the pandemic period, primarily because of decreased liquidity injections. The market witnessed a major selloff earlier this month as cryptocurrency costs declined, and buyers grew to become extra cautious in gentle of considerations relating to excessive inflation, central financial institution charges, and the potential for a recession.
NFT Now isn’t the one firm within the trade going through difficulties within the present market situations. Varied corporations are grappling with falling revenues and struggling to seek out methods to maintain their assets and survival.
As an example, Dapper Labs, helmed by CEO Roham Gharegozlou, just lately bid farewell to 51 sensible “colleagues and buddies” as a part of their efforts to adapt to the present market challenges. The corporate had already carried out employees reductions earlier, with a 20% lower in February following a 22% discount in November of the earlier 12 months.
Even the well-established NFT market, OpenSea, has needed to resort to cost-cutting measures, trimming 20% of its workforce to navigate the extended hunch in digital asset markets.
The present state of the NFT trade underscores the necessity for corporations to recalibrate their methods and reevaluate their operations within the face of a quickly evolving market panorama. Regardless of the challenges, stakeholders within the house stay hopeful that the sector will ultimately discover its footing and proceed to innovate the way forward for tokenized media.
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