Dapper Labs

Dapper Labs, creator of NBA Top Shot, exemplified the NFT boom-bust cycle's impact on workers. The company rapidly hired to over 600 employees then cut ~60% across three rounds in 8 months. The SEC investigated Dapper Labs for NBA Top Shot but closed the case in September 2023 without charges. Some July 2023 layoffs were converted to part-time roles. The remaining Flow Foundation team shrank from ~200 to under 180 by April 2024 through continued attrition.

Dapper Labs executed three major layoff rounds between November 2022 and July 2023: 22% (134 employees) in November 2022, 20% (94 employees) in February 2023, and 15% (51 employees) in July 2023. The company grew from 100 to over 600 employees in less than two years before the NFT market collapsed, with trading volume dropping 97% from January 2022 peak. CEO Roham Gharegozlou cited the need to restructure amid the crypto winter. By April 2024, headcount had shrunk further to fewer than 180.

FLOW blockchain (created by Dapper Labs) announced a $1 million token grant program in February 2022 specifically for Black developers, platforms, and creators building dApps. Beyond the grant, recipients receive "promotional and customized support from a team and network of experts including technical, design, product, and marketing." The company also hosted a BootCamp for Black developers and partnered with Umba Daima, an NFT art studio, for a Web3 event series in Atlanta.