- Sorare lays off 22 employees in New York and centralizes operations in Paris.
- The decision aims to foster collaboration and efficiency in product development.
- Sorare plans to hire over 20 positions in Paris within six months.
Layoffs in the New York office
Web3 fantasy sports platform Sorare recently laid off 22 employees from its New York office and asked an additional 11 to relocate to the company’s Paris headquarters. The decision aims to concentrate certain teams, primarily the product development team, in Paris to foster better collaboration and efficiency.
Sorare co-founder and CEO Nicolas Julia stated that the company believes bringing the team together in Paris will allow them to build best-in-class products more effectively across their football, baseball, and basketball offerings.
The company plans to backfill most of the laid-off roles in Paris, intending to hire more than 20 positions in the next six months.
Web3 gaming struggles
The layoffs at Sorare were not financially driven, but the company acknowledges that, like many other web3 companies, the timeline for achieving its growth goals is longer than initially anticipated.
Web3 gaming companies have struggled to find meaningful traction, evident in the significant drop in funding for startups in the category from $26 billion in 2022 to $7 billion in 2023.
Sorare maintains an active community of nearly 13,000 people on Reddit and a dedicated third-party media following.
The company hopes its recent reorganization will be sufficient to navigate the ongoing web3 winter.
