Amid a chilling non-fungible token (NFT) winter, Web3 media company NFT Now announced job cuts on Monday. Alejandro Navia, president of NFT Now, posted a tweet sharing that the company had scaled too quickly in the bull market and now had to reduce staff at the company. Navia said, “As we are building the business for the long term, we must adapt to changing market conditions. Given the current climate, it is clear that this pace of growth was unsustainable and we over-hired.”
Navia shared that he takes full ownership of this mistake, and aims to continue to support its partners and tokenized media business. Web3 media or tokenized media publications aim to solve the problems associated with Web2 media firms by selling NFTs. In March, NFT Now released its Now Pass token, which quickly sold out for 0.25 ETH, or $500 each – raking in $1.1 million in total revenue.
The layoffs come after NFT Now co-founder Sam Hysell announced he would be stepping down from his role in May, without sharing any details why, or what his next move might be. Additionally, CEO and Editor-in-Chief Matt Medved’s Twitter was hacked in a SIM swap over the weekend, but he regained access to his account on Sunday.
Navia shared that NFT Now has thus far been able to change 100s of artists’ lives, help onboard world-class brands to web3, keep millions of people educated and informed and build new technology to keep the truth authenticated and accessible.