NFT platform OpenSea lays off 20% of its staff citing crypto winter
The 2022 Crypto winter causes yet another crypto platform to reduce the workforce and reformulate its plans
By Shashank Bhardwaj
On Thursday, OpenSea, a nonfungible token (NFT) marketplace, announced employee cutbacks citing the current crypto winter as the reason. The move comes after similar lay-offs by other crypto asset companies were reported during the ongoing bear market phase.
The bear market condition in the crypto market is negatively impacting the crypto firms, forcing the companies to step back and reconsider their payroll and development strategies.
Devin Finzer, co-founder and CEO of OpenSea, disclosed on Twitter that OpenSea would be reducing the headcount by 20 percent. In a message addressed to his employees, Finzer said that “an unprecedented combination of crypto winter and broad macroeconomic instability” is the reason for layoffs.
He added, “we need to prepare the company for the responsibility of a prolonged downturn [...] The changes we’re making today put us in a position to maintain multiple years of runaway under various crypto winter scenarios (5 years at the current volume) and give us high confidence that we will only have to go through this process once.”
The reduction in headcount means the crypto market is suffering, and platforms are finding it hard to sustain themselves. The market’s value decreased by more than two-thirds compared to the peak in November last year. OpenSea is the largest NFT market in the world by its trading volume, and a platform of such stature cutting jobs is a clear-cut indication that no crypto firm, whether small or large, has been spared by the crypto winter wreaking havoc and causing projects to tumble.
Several renowned crypto companies like Crypto.com, Blockfi, Coinbase and Gemini have carried out mass layoffs in recent months. According to INSIDER, crypto companies have reduced their headcount by 1700 employees in the month of June alone.
However, exchange giants like Kraken, FTX and Binance have decided not to walk on the path of other crypto companies. In fact, they are outlining ways to solidify their plans by adding more employees to their companies in the next few months.
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..