Its CEO said both the company and Flow, its blockchain project, remain well capitalized.
Dapper Labs CEO Roham Gharegozlou tweeted Thursday that the business had parted ways with 51 full-time employees and contractors, but insisted the company remains well capitalized.Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.
“This decision was incredibly difficult because of the amazing people affected but it is necessary and the right thing to do to ensure a lean and efficient Dapper Labs,” Gharegozlou wrote in an internal note that he also shared on Twitter., its NFT-focused blockchain, are “well capitalized to pursue our mission.”
“Flow is also funded with a separate pool of capital, so that team also has several years of cash runway with no need to sell tokens to fund short-term operations,” he added.Dapper Labs, known for its early NFT success with NBA Top Shot, previously boasted a valuation ofAt its peak in February 2021, NBA Top Shot once generated sales revenues of $224 million, compared with just $1.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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