Over the course of just a few months, Opensea laid off 20% of its staff. The company stated that they did so because they are worried about the crypto winter and what will happen to their project when it comes back.
The “opensea crypto news” is a company that has laid off 20% of their staff because they fear the upcoming cryptocurrency winter. They still believe in the future of blockchain tech and are committed to supporting it.
A combination of a Bitcoin Winter and general socioeconomic uncertainty causes a decrease for crypto firms, leading NFT marketplace Opensea to lay off 20% of its workers.
Everyone is aware of the Bitcoin Winter that has engulfed everything blockchain-related, including the associated NFT sector. In addition, the value of most digital assets has decreased, NFT transactions have decreased, and crypto firms have been forced to file for bankruptcy.
We sometimes forget that behind all the avatars, ground-breaking discoveries, and technology are workers—people just like you and me with bills to pay.
Bitcoin Winter
The primary factor contributing to OpenSea’s layoffs is the ongoing bear market downturn, followed by new rivals. These layoffs are not unique to them. Additionally, two recent entrants into the NFT industry disclosed staff layoffs.
Consider GameStop. Days before its debut, it laid off staff and then launched its NFT platform. While 1100 workers at Coinbase, which just launched its own marketplace, announced their resignation last month.
Additionally, the daily volume has decreased by almost 75% since the beginning of May due to a catastrophic decline in daily NFT sales on the OpenSea NFT marketplace. Data from Dune shows that dollar sales on May 1 reached over $476 million, while sales volume on July 15 was $14.61 million.
Additionally, LooksRare and other fierce competitors entered the market this year. The threat of a protracted slump, along with the additional competition, has made personnel reductions necessary.
From https://dune.com/rchen8 with thanks
Choosing Hard Paths for OpenSea Staff
The impacted employees’ message was recently released on Twitter by Devin Finzer, co-founder and CEO of OpenSea.
He began by expressing gratitude to those departing for their crucial contribution to OpenSea’s rise to the top of the sector.
He said that before the memo was made public, each concerned employee had been notified directly. He also announced that the personnel will get a sizable severance payout.
The package includes expedited stock vesting and continuing health care until 2023. The business will also make its network accessible to assist with job placement.
Doing Something to Secure the Future
The hard reality is that the Bitcoin Winter may well be a long-drawn-out affair with more pain still to come. The layoffs help prepare the company for the possibility of what looks like lean times ahead.
Finzer wrote that they made these difficult decisions “to put us in a position to maintain multiple years of runway under various Bitcoin Winter scenarios.” He further states, “we will only have to go through this process once.”
Optimism for the Future
There is some good news. According to the OpenSea NFT marketplace, there will be “an explosion in innovation and utility in NFTs” at this time of unpredictability.
They will use this Bitcoin Winter “to build the foundations for new peer-to-peer economies” in what they believe will be the world’s largest market.
Afterthoughts
Additional job losses at other businesses will occur soon after the layoffs at OpenSea. We hope people who have been impacted by these job losses may quickly go back to work.
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