In February 2024, NFT fantasy sports startup Sorare laid off 22 employees, representing 13% of its staff, as part of a restructuring to centralize product development teams at its Paris headquarters. The web3 gaming company, valued at $4 billion in 2021, is shifting focus to improve communication and efficiency, with an additional 11 New York employees asked to relocate. While not financially driven, the move reflects a broader industry slowdown, as web3 gaming faces extended growth timelines and declining investor interest. Sorare plans to hire over 20 roles in Paris within six months and will maintain its New York office for U.S.-focused teams and partnerships with leagues like the MLB and NBA.
