Amid a chilling non-fungible token (NFT) winter, Web3 media firms aren’t proof against the frosty situations, together with publication NFT Now which introduced job cuts on Monday.
Alejandro Navia, president of NFT Now, posted a tweet sharing that the corporate had scaled too rapidly within the bull market and now needed to cut back workers on the firm.
“As we’re constructing the enterprise for the long run, we should adapt to altering market situations,” stated Navia. “Given the present local weather, it’s clear that this tempo of progress was unsustainable and we over-hired.”
Navia shared that as President, he “[takes] full possession of this error,” and goals to proceed to assist its companions and tokenized media enterprise.
Web3 media or tokenized media publications goal to unravel the issues related to Web2 media companies by promoting NFTs that create a group round their content material creation. In March, NFT Now launched its Now Go token, which rapidly bought out in March for 0.25 ETH, or $500 every – raking in $1.1 million in whole income.
The layoffs mirror a distinct sentiment than Navia shared as just lately as Saturday, when Navia posted a tweet sharing that NFT Now has to this point been capable of “change 100s of artists’ lives, assist onboard world-class manufacturers to web3, preserve tens of millions of individuals educated and knowledgeable and construct new expertise to maintain the reality authenticated and accessible.”
Totally different drama affected one other founding father of NFT Now over the weekend. The CEO and Editor-in-Chief Matt Medved’s Twitter was hacked in a SIM swap – a typical malicious tactic to steal an individual’s telephone quantity. He shared a tweet Sunday that he had regained entry to his account.
NFT Now has undergone different inner structural adjustments just lately. In Could, NFT Now co-founder Sam Hysell introduced he could be stepping down from his function – with out sharing any particulars why, or what his subsequent transfer is likely to be.
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