Brazilian NFT and gaming company Web3 lays off 80% of employees

BAYZ, a Brazilian company specializing in Web3 video games, laid off 80% of its employees in January. Information forwarded by folks affected by the reduce to Bitcoin Portal.

According to the previous worker, who spoke on situation of anonymity, the company has gone from 85 employees to between 10 and 15. Some of the employees affected by the layoffs have joined a job search checklist.

In a press release through the Slack app, co-founder Joao Borges advised employees that the bear market and FTX crash had prompted a number of associate firms to chop advertising efforts.

“We have been engaged on an funding spherical, which was stopped for now. Due to the market scenario that has harmed our clients and because the contribution has not been made up to now, sadly we must adapt a number of departments of the company so as to have the ability to honor the providers offered to this point,” stated Borges.

In a memo despatched to Bitcoin Portal, BAYZ stated: “Following the actions and challenges of the cryptocurrency market in current months, it was essential for the company to adapt to the present scenario within the sector. This consists of making changes to the company’s construction, with the discharge of some of our employees. We are very sorry to finish the journey of these professionals and are grateful for his or her contribution.”

An worker who spoke to the reporter on Bitcoin Portal and requested to stay nameless stated that employees have been “caught 100% unexpectedly” and that the company had solely launched “excellent news”. To illustrate, he despatched a Twitter put up on the company’s official account wherein the company celebrates 2022 “full of achievements, tasks and companions” and says it appears to be like ahead to 2023.

In February final yr, BAYZ introduced the hiring of Brazilian Gui Barbosa as CEO. Until then, the strategist led TikTook’s gaming sector for Latin America and ByteDance’s initiatives for the area.

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*Text up to date at 10:23 AM on January 19, 2023 so as to add BAYZ place.

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