Sorare layoffs — Mar 6, 2024

Sorare Cuts 13% of Workforce Amid Market Weakness on March 6, 2024

Sorare, the NFT fantasy sports startup, announced on March 6, 2024, that it has laid off 13% of its workforce. The company did not disclose the exact number of jobs affected by this decision. This move comes as the web3 gaming sector continues to face challenges, reflecting broader market softness.

The layoffs at Sorare are attributed to ongoing difficulties in the market, particularly within the web3 gaming space. While the company did not provide specific details regarding the number of positions eliminated, the decision underscores the pressures that many firms in the industry are currently experiencing.

Founded in 2018, Sorare has gained recognition for its innovative approach to fantasy sports, allowing users to buy, sell, and trade officially licensed digital player cards. The platform has attracted significant investment and a growing user base, but like many in the sector, it is navigating a turbulent economic environment that has impacted user engagement and revenue.

As the company adapts to these market conditions, it remains focused on its core offerings and the potential for future growth. However, the recent layoffs signal a cautious approach as Sorare seeks to align its resources with the current state of the industry.

Sources: Google News