The corporate’s president, Alejandro Navia, took to Twitter (X) to share the information, explaining that that they had expanded too quickly in the course of the bullish market part, necessitating a discount in workers.
The idea of web3 media or tokenized media publications goals to handle the challenges confronted by web2 media corporations by capitalizing on NFTs to construct a powerful neighborhood round their content material creation. NFT Now could be presently on a mission to empower cultural makers and encourage the widespread use of NFTs and web3.
In a notable achievement, the media firm launched its Now Move token in March, which quickly bought out at 0.25 ETH per token, producing a powerful $1.1 million in complete income.
Nevertheless, the once-booming NFT sector has cooled off significantly in comparison with the height demand it skilled in the course of the pandemic period, primarily as a result of decreased liquidity injections. The market witnessed a major selloff earlier this month as cryptocurrency costs declined, and traders grew to become extra cautious in gentle of issues relating to excessive inflation, central financial institution charges, and the potential of a recession.
NFT Now isn’t the one firm within the trade dealing with difficulties within the present market situations. Numerous corporations are grappling with falling revenues and struggling to search out methods to maintain their sources and survival.
For example, Dapper Labs, helmed by CEO Roham Gharegozlou, lately bid farewell to 51 sensible “colleagues and pals” as a part of their efforts to adapt to the present market challenges. The corporate had already carried out workers reductions earlier, with a 20% lower in February following a 22% discount in November of the earlier yr.
Even the well-established NFT market, OpenSea, has needed to resort to cost-cutting measures, trimming 20% of its workforce to navigate the extended stoop in digital asset markets.
The present state of the NFT trade underscores the necessity for firms to recalibrate their methods and reevaluate their operations within the face of a quickly evolving market panorama. Regardless of the challenges, stakeholders within the area stay hopeful that the sector will ultimately discover its footing and proceed to innovate the way forward for tokenized media.
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