Sorare, an NFT fantasy sports platform, has announced a 13% reduction in its New York team to enhance efficiency. This move is part of the company's plan to streamline operations and focus on long-term growth in the Web3 gaming sector. Sorare's co-founder and CEO, Nicolas Julia, stated that this decision aims to centralize certain functions in Paris, primarily the product development team, to improve collaboration on their football, baseball, and basketball offerings.

As a result of the restructuring, 22 employees were laid off in New York, and another 11 were offered relocation to Paris. Despite this, Sorare remains committed to the US market. The company continues to support US teams for customer service and managing brand partnerships with major sports leagues. This step does not indicate financial troubles but aligns with Sorare's strategic goals for the future.

Sorare's revenue comes from user transactions with NFT cards on the platform, as well as from new card releases and sales. In 2023, the platform recorded $200 million in transaction volume, although details of its financial status are not disclosed. Following a Series B funding round of $680 million in 2021, valuing the company at $4 billion, Sorare experienced a shift in investor interest. Blockchain games saw a significant decrease in funding in 2023, with a 74% drop in investments in crypto gaming companies.