Forkast Labs Restructures Editorial Division amid Merger with CryptoSlam
This development marks the latest in a series of layoffs and closures that have plagued the crypto media industry in recent months.
In a move that signals the ongoing struggles of crypto media outlets amidst the bear market, Forkast.News has shuttered its editorial operations following a merger with data provider CryptoSlam. The news site ceased publishing new content last month and has since redirected its website to Forkast Labs, the newly formed entity resulting from the merger, according to a report by The Block.
Forkast.News, originating in 2018 and backed by a $1.7 million seed funding round in 2021, has demonstrated a pivot in its strategies. Earlier this year, Forkast Labs unveiled several indices, including the Forkast 500 NFT Index, followed by a collaboration with The Sandbox in June to index the metaverse.
The decision to disband the editorial team stems from a strategic shift towards data-driven products, a trend that has gained traction within the crypto media landscape. Forkast Labs intends to capitalize on CryptoSlam's expertise in non-fungible token (NFT) data to develop and launch a suite of data-centric products.
This development marks the latest in a series of layoffs and closures that have plagued the crypto media industry in recent months. CoinDesk, another prominent crypto news outlet, laid off 45% of its editorial staff in August before being sold to Bullish, a crypto exchange led by former New York Stock Exchange President Tom Farley.
The bear market has severely impacted the advertising revenue upon which crypto media outlets rely, forcing many to make difficult decisions about their future. As a result, it is likely that the consolidation within the industry will continue in the coming months.
