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Candy Digital, An NFT-Based Startup Backed By Gary Vee, Had A Mass Lay Off

Key Highlights:

  • Today, according to reports, layoffs were finished at sports NFT company Candy Digital.
  • Just a few months after its establishment in 2021, the company soared to a $1.5 billion valuation, although the larger NFT industry faltered in 2022.
  • The cause of the layoff is unknown.
  • Several well-known businesses, like Twitter, Metaplex, Dapper Labs, etc., have recently announced layoffs.

According to reports, Candy Digital has let go more than one-third of its 100-person workforce due to the volatile nature of the crypto market and the significant decline in NFT trading volumes this year.

Sportico was the first outlet to break the news that Candy had let go more than one-third of its around 100-person workforce, according to people close to the business. Community Content Manager Matthew Muntner, a former employee, tweeted that he was among those leaving.

It should be mentioned that the company has the support of Mike Novogratz, the CEO of Galaxy Digital, Gary Vaynerchuk, a pro-crypto businessman, and Fanatics, an online sports retailer. In addition, WWE, Major League Baseball, and Netflix are among its partners.

About Candy Digital

Candy Digital is a sports & entertainment NFT firm founded in 2021 that lets fans buy and sell NFTs. Michael Rubin, the executive chairman of sports goods behemoth, Fanatics, founded candy Digital.

Candy Digital raised $100 million in a Series A investment headed by Insight Partners and Softbank’s Vision Fund 2 and announced a $1.5 billion valuation in October 2021.

Since its inception, Candy has provided a wide range of MLB-related programming. Since then, the company has increased the spectrum of athletes; it is licensed to use in sports, including the WWE, all NASCAR teams (but not the league), and numerous university athletes.

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