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Published on March 8, 2024

Sorare, the NFT Fantasy Sports Startup, Lays Off 13% of Staff

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laceykaelani

Lacey Kaelani

@laceykaelani

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While the New York office remains operational, Sorare plans to maintain key functions there, such as those catering to U.S. customers and managing brand partnerships with major sports leagues like the MLB and NBA. These partnerships, locked in for several years, underscore Sorare's commitment to its presence in the U.S. market.

Although the layoffs were not primarily driven by financial concerns, Sorare, like many other web3 companies, faces challenges in meeting its growth targets within expected timelines. Despite generating significant user transaction volume, Sorare's profitability and financial runway remain undisclosed. The company's last funding round dates back to its $680 million Series B in 2021.

Sorare's organizational adjustments reflect broader challenges within the web3 gaming sector. While initially hailed as a promising frontier, web3 gaming startups have faced difficulty in gaining traction and investor interest. The decline in funding and investor enthusiasm has led to significant restructuring efforts across the industry.

Despite the sector's challenges, Sorare maintains an active community and third-party media presence dedicated to its fantasy games. With nearly 13,000 members on Reddit alone, Sorare continues to engage and retain its user base, offering a glimmer of hope amidst the broader web3 downturn.

Company Realigns Operations as Web3 Gaming Sector Faces Headwinds

In a strategic realignment, Sorare, a leading NFT-enabled fantasy sports platform, has implemented organizational changes, including layoffs and office consolidation. The move underscores the company's efforts to optimize operations amidst challenges within the web3 gaming industry.

Nicolas Julia, co-founder and CEO of Sorare, revealed to TechCrunch that the company laid off 22 employees from its New York office in February. The decision reflects Sorare's intention to centralize certain functions at its Paris headquarters, with a focus on enhancing communication and efficiency within the product development team.