- Stepn is reportedly laying off 100 of its staff amid the ongoing bear market phase: Wu Blockchain
- The company has denied reports of slashing its workforce.
According to Wu Blockchain, the popular move-to-earn app Stepn has decided to lay off its staff amid the bear market phase.
Stepn Is Reportedly Reducing Its Workforce.
Solana’s blockchain-based move to earn app Stepn has recently decided to cut its workforce by 100 people. According to Wu blockchain, Stepn is reportedly gearing up to lay off 100 of its contract staff, including moderators and ambassadors.
“The famous blockchain game STEPN began to lay off staff in the bear market. It will mainly lay off more than 100 MODs, ambassadors, etc., and will reduce investment in STEPN, and some development progress has been delayed. According to community sources, Wu Blockchain
The company has reportedly terminated the contracts of moderators and ambassadors who primarily worked with Stepn to promote the game in different regions.
The company is reportedly shifting its focus towards promoting its parent company, Satoshi Labs, and will work towards highlighting other ventures such as the NFT exchange market.
The slashing spree has come amid Stepn’s declining statistics. The move to earn the app has noted a consistent decline in its users alongside its token GMT, which has plummeted 85% and is currently trading at $0.5911.
Stepn Denies Layoff Reports
Stepn’s representative has issued a clarifying statement to Decrypt, outlining that the reports of the firm sacking its staff “were baseless rumours and are factually inaccurate. “
The firm further stated that the Stepn has parted ways with volunteer MODs who have not been active in the past few weeks and months.
“The reality is that STEPN has parted ways with volunteer MODs who have not been active in the last few weeks and months. Regarding our staff, STEPN is actively hiring for several different roles within the company.” A Stepn spokesperson told Decrypt