Forkast Labs has reportedly laid off a majority of its editorial staff following its merger with data provider CryptoSlam. The crypto news site, which underwent a series of layoffs throughout the year, made the decision to suspend editorial operations by the end of November, according to sources cited by The Block.
In January, Forkast.News merged with CryptoSlam to establish a “Web3-focused data intelligence and media platform” under the new brand Forkast Labs. However, it appears that the crypto news site has halted the publication of articles and video content, with the latest article dated November 22.
The website currently reflects the rebranding, stating, “Forkast.News is now Forkast Labs.”
An internal memo shared with staff last month states, “The majority of editorial operations have been incorporated into Forkast Labs as a result of the merger between Forkast and CryptoSlam earlier this year. There will be an increased focus on the data side going forward.”
Forkast Labs, as indicated on its website, is concentrating on exploring new frontiers in Web3, NFTs, and the metaverse. In March, the company introduced a suite of indices, including the Forkast 500 NFT Index, underscoring its commitment to staying at the forefront of digital trends. Additionally, Forkast Labs formed a partnership with The Sandbox, signaling its entry into the realm of metaverse indexing.
CryptoSlam, a non-fungible token data tracker established in 2018, secured $9 million in funding in January 2022, with Animoca Brands leading the investment round. The merger between CryptoSlam and Forkast.News, orchestrated by Yat Siu, founder and executive chairman of Animoca, was reported by Bloomberg in January. Forkast.News is also part of the Animoca portfolio.
Forkast.News, founded in 2018, had previously raised a $1.7 million seed round in 2021.
In a similar vein, 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.