Advertisement
OpenSea, the non fungible token market (NFT), has announced its participation with other cryptocurrencies in laying off personnel. This is considered one of the periods when there are many major fluctuations in the industry.
Devin Finzer, the humble co-founder of the executive director, took to Twitter on The Afternoon of July 14. He revealed that he was laying off up to 20% of the company's employees. Including a message to employees, Finzer said the cause of the incident was a combination of the cryptocurrency winter and the broadly unstable economy.
"These changes are being made to maintain the runway for many years at each different cryptocurrency winter and the process will have to go through it again."
The mass layoffs of these employees have clearly reflected the instability of the cryptocurrency market. The total value has fallen past two-thirds of last year's peak. OpenSea's staff cuts have brought a clear awareness of the problem that there won't be any one company safe in front of the door of the cryptocurrency winter.
In recent months, a series of cryptocurrency companies laying off employees have become the focus. Companies that have cut hundreds of jobs include Gemini, BlockFi, Crypto.com and Coinbase. In June alone, it is estimated that cryptocurrency companies had to cut their salaries by £1,700.
However, not all companies in the cryptocurrency sector have chosen to cut staff. In contrast, industry giants such as Binance, FTX and Kraken are all reaffirming plans to add personnel to their workforces in the coming months.
