Less than four months after parting ways with more than 20% of its employees, Dapper Labs decided to let another 20% of full-time staff go, according to a document obtained by The Block.
In an email to investors on Wednesday, Dapper Labs’ CEO Roham Gharegozlou announced a “corporate restructure” and the layoffs. “As part of this restructure, we have made the difficult decision to part ways with team members representing 20% of full-time employees,” he wrote.
Gharegozlou also said that the company is in a “strong cash position with no outstanding debt.” The move to let more staff go comes as the NFT market has recently shown some signs of rebounding after a prolonged downturn. Dapper Labs, once celebrated as one of the elite NFT shops around thanks to its early success with NBA Top Shot, at one point achieved a valuation of $7.6 billion.