Dapper Labs CEO Roham Gharegozlou announced on Twitter Thursday morning, Asia time, that the company had laid off 51 employees in the middle of the Non Fungible Tokens (NFT) market’s lengthy crypto winter.
This is the third round of layoffs the company has experienced in the last year. It declared in February that it would lay off 20% of its workforce, then in November, it will eliminate 22% of its workforce.
“We have made the business more lead with this restructure, which will allow us to do the right thing for our fans and grow our communities in the most healthy ways possible,” Gharegozlou tweeted.
The NFT market is still struggling and has not experienced the same post-FTX resurgence as other areas of the crypto industry.