KnownOrigin layoffs — Feb 20, 2024

KnownOrigin cuts 30% of staff on February 20 amid NFT market weakness

KnownOrigin, an NFT marketplace, has cut 30% of its workforce, according to reports dated February 20, 2024. The company did not disclose the exact number of jobs affected.

The layoffs come as the NFT sector continues to face weaker market conditions. The reported reason for the reduction was market-related, with the company citing continued weakness in the NFT market.

KnownOrigin operates as an NFT marketplace, a platform used for buying, selling, and discovering non-fungible tokens. The company’s business is tied closely to trading activity and broader demand in the NFT ecosystem, which has remained under pressure compared with prior market highs.

No direct quotes from company officials were included in the source material, and no additional details were provided about whether further staffing changes are expected.

Sources: Google News