sportstech

sportstech

Photo courtesy of SimWin

Los Angeles Lakers legend Earvin “Magic” Johnson has just bought two new sports franchises—in the metaverse.

Johnson is investing in Beverly Hills-based SimWin Sports, a digital sports league where virtual teams and athletes backed by non-fungible tokens (NFTs) compete in simulated games. In addition to taking an ownership stake in the startup, Johnson has acquired a yet-to-be named basketball team and football franchise called the Los Angeles Magic. Financial terms of the deal were not disclosed.

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Image from Wave Sports + Entertainment

Sports media startup Wave Sports and Entertainment (WSE) has laid off 56 people—roughly one-third of its staff—as worsening economic conditions continue to hit tech startups.

The Santa Monica-based company began laying off workers last week, the company confirmed to dot.LA. A WSE spokesperson said the “restructuring” will allow the firm to focus on “core areas of expertise” like storytelling and league partnerships, with most of the eliminated roles coming from “supporting functions.” The layoffs, first reported by Insider, leave the company with 110 employees.

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