Popular web3 media publication NFT Now has announced significant job cuts. Alejandro Navia, the President of the company, revealed on Monday that the firm had scaled up too rapidly during the bull market and would now have to downsize.
Rationing resources for the crypto winter
Navia tweeted that the company had “over-hired” in response to the favorable market conditions, but those conditions had since changed dramatically. The layoff decision was guided by the need to adapt to this new climate and ensure the long-term sustainability of the business.
Tokenized media publications, such as Cointelegraph and NFT Now, are designed to address the issues plaguing traditional Web2 media firms. They do this by selling NFTs that foster a community centered around their content. In March of this year, the company launched its Now Pass token, which swiftly sold out for 0.25 ETH, or $500 each, yielding a total revenue of $1.1 million.
The recent layoffs stand in stark contrast to Navia’s optimistic comments just days before the announcement. On Saturday, Navia tweeted about the impact its publication had had on the community, stating that the company had managed 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.”
NFT Now co-founder gets hacked
In a separate incident over the weekend, another co-founder of NFT Now found himself a victim of a cyber attack.
The CEO and Editor-in-Chief of NFT Now, Matt Medved, got his Twitter account hacked via a SIM swap, a common method used to steal phone numbers. Medved confirmed he had regained control of his account in a tweet on Sunday.
This series of events comes in the wake of other recent internal changes at NFT Now. In May, the company’s co-founder Sam Hysell announced his departure without revealing any details. However, despite the unpredictable and challenging problems faced, Navia is determined to navigate through the crypto winter by adapting and pushing its media publication forward.