Majority of Forkast Staff Let Go in Wake of CryptoSlam Merger
Forkast Labs, the merged entity of crypto news site Forkast.News and NFT data provider CryptoSlam, has laid off the majority of its editorial staff as part of a shift in focus to data products, The Block has learned.
According to multiple sources close to the matter, the publication has stopped pushing out new articles and videos as of late November, with its website now simply redirecting to Forkast Labs.
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Forkast Shifts Towards Data
The merger of Hong Kong-based Forkast and CryptoSlam in January aimed to create “a Web3-focused data intelligence and media platform.” However, an internal memo last month announced that “the majority of editorial operations have been incorporated into Forkast Labs” and that the focus would turn to launching new data products.
This strategic shift likely catalyzed the recent layoffs on the crypto publication’s editorial side, which multiple sources say occurred earlier this year, culminating with the total suspension of news operations in November.
Both Forkast and CryptoSlam share common DNA as portfolio companies of blockchain investment firm Animoca Brands. Animoca founder and executive chairman Yat Siu reportedly spearheaded the merger deal between the companies when it was announced in January.
Other key investors include blockchain investment firm Signum Capital, which led Forkast’s $1.7 million seed round in 2021. CryptoSlam raised $9 million at the start of 2022 in a round led by Animoca.
While the firm appears set to leverage CryptoSlam’s data and analytics capabilities to create indexes and track trends in Web3, the fate of the Forkast editorial brand remains uncertain. Founded in 2018, the news platform has established itself as an up-and-coming publication with original reporting and video explainers.
