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Forkast Labs has laid off a majority of its editorial staff after completing a merger with data provider CryptoSlam.
According to sources cited by The Block, the crypto news site underwent a series of layoffs throughout the year, leading to the eventual decision to suspend editorial operations by the end of November.
In January, Forkast.News merged with CryptoSlam to form a “Web3-focused data intelligence and media platform” under the new brand Forkast Labs. However, the crypto news site seems to have ceased publishing articles and video content last month, with the latest article dated November 22.
“Forkast.News is now Forkast Labs,” the website currently says.
“The majority of editorial operations have been incorporated into Forkast Labs as a result of the merger between Forkast and CryptoSlam earlier this year,” according to an internal memo the company shared with its staff last month. “There will be an increased focus on the data side going forward.”
According to its website, Forkast Labs is focused on exploring new frontiers in Web3, NFTs, and the metaverse. Back in March, the company unveiled a suite of indices, including the Forkast 500 NFT Index, showcasing its commitment to staying at the forefront of digital trends. It also formed a partnership with The Sandbox, signaling its entrance into the world of metaverse indexing.
CryptoSlam, a non-fungible token data tracker, was established in 2018 and secured $9 million in funding in January 2022, with Animoca Brands leading the investment round. The merger between CryptoSlam and Forkast.News was orchestrated by Yat Siu, founder and executive chairman of Animoca, as reported by Bloomberg in January. Forkast.News is also part of the Animoca portfolio.
Founded in 2018, Forekast.News previously raised a $1.7 million seed round in 2021.
CoinDesk, another crypto news outlet, underwent significant restructuring by laying off 45% of its editorial staff in August. Subsequently, it was sold to Bullish, a crypto exchange led by former New York Stock Exchange President Tom Farley, in an all-cash deal last month.
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