As the frost of the non-fungible token (NFT) winter starts to bite, even Web3 media companies are feeling the chill. One such example is the NFT Now company, which confirmed job cuts earlier this week. Responding to the unfolding situation, Alejandro Navia, the company’s president, admitted that they might have expanded too fast during the bull market. Consequently, to acclimatize to the present conditions, the firm had no choice but to trim down its workforce. Now, they’re in a position of reevaluating the rate of growth they formerly pursued and describing it as unsustainable.
Ironically, taking into account that as a president, Navia is ready to take complete responsibility for this overestimation, it is a humble gesture. Still, the question that remains is how the planned changes will echo among their partners and within the tokenized media business they inhabit.
In essence, Web3 media or tokenized media endeavors to answer challenges that have marred Web2 media firms by trading NFTs to create a community around their content production. About nine months ago, NFT Now launched its Now Pass token. The tokens, priced at 0.25 ETH, approximately $500 each, sold out quickly, bringing in a whopping $1.1 million in total revenue.
However, the recent layoffs paint a different picture from Navia’s previous optimism. Only days before the announcement, Navia tweeted about NFT Now’s accomplishments – changing the lives of hundreds of artists, helping prominent brands transition to web3, reaching millions of people with education and information, and constructing new technology to keep the truth authenticated and available.
Adding more intrigue to the narrative, the company’s CEO and Editor-in-Chief Matt Medved found himself at the center of a hacking scenario over the recent weekend. The method involved a SIM swap, a standard sinister ploy to snatch a person’s phone number. Now that he has regained access, one can wonder what measures will be taken to avert such escapades moving forward.
Among several other events, NFT Now has experienced other inward organizational modifications. About half a year back, the co-founder Sam Hysell forwarded his resignation without elaborating on the reasons or his future plans.
Success and uncertainty appear intertwined in this rapidly growing tech world. As one domino falls, we watch the rest with bated breath, assessing how the ripples will impact the larger cryptosphere.
Source: Coindesk
