NFT Now Cuts Jobs in Restructuring Move
Amid a chilling non-fungible token (NFT) winter, Web3 media firms are usually not proof against the frosty situations, together with publication NFT Now which introduced job cuts on Monday.
Alejandro Navia, president of NFT Now, posted a tweet sharing that the corporate had scaled too rapidly within the bull market and now needed to scale back employees on the firm.
“As we’re constructing the enterprise for the long run, we should adapt to altering market situations,” stated Navia. “Given the present local weather, it’s clear that this tempo of progress was unsustainable and we over-hired.”
Navia shared that as President, he “[takes] full possession of this error,” and goals to proceed to help its companions and tokenized media enterprise.
Web3 media or tokenized media publications purpose to unravel the issues related to Web2 media corporations by promoting NFTs that create a neighborhood round their content material creation. In March, NFT Now launched its Now Go token, which rapidly offered out in March for 0.25 ETH, or $500 every – raking in $1.1 million in whole income.
The layoffs mirror a special sentiment than Navia shared as not too long ago as Saturday, when Navia posted a tweet sharing that NFT Now has to this point been in a position to “change 100s of artists’ lives, assist onboard world-class manufacturers to web3, hold hundreds of thousands of individuals educated and knowledgeable and construct new expertise to maintain the reality authenticated and accessible.”
Totally different drama affected one other founding father of NFT Now over the weekend. The CEO and Editor-in-Chief Matt Medved’s Twitter was hacked in a SIM swap – a standard malicious tactic to steal an individual’s telephone quantity. He shared a tweet Sunday that he had regained entry to his account.
NFT Now has undergone different inside structural modifications not too long ago. In Could, NFT Now co-founder Sam Hysell introduced he could be stepping down from his position – with out sharing any particulars why, or what his subsequent transfer may be.
Learn Extra: NFT.NYC Was Calm, however Facet Occasions Stirred Drama
