15. August 2022

Crypto Meltdown Pushes NFT Marketplace OpenSea To Slash 20% Of Jobs

Crypto Meltdown Pushes NFT Marketplace OpenSea To Slash 20% Of Jobs

NFT market OpenSea slashes 20% of jobs

Non-fungible token (NFT) market OpenSea has lower 20% of its workforce to cut back prices within the face of a protracted hunch in digital asset markets, the New York-based firm mentioned on Thursday.

OpenSea, the biggest NFT market on this planet, had explosive gross sales progress in 2021 because the rise of cryptocurrencies created a brand new group of crypto-rich speculators.

But the nascent NFT market has slumped in current months as cryptocurrency costs plunged and traders turned extra threat averse within the face of excessive inflation, central financial institution price hikes and recession fears.

“The reality is that we have entered an unprecedented combination of a crypto winter and broad macroeconomic instability, and we need to prepare the company for the possibility of a prolonged downturn,” Chief Executive Devin Finzer mentioned in an announcement on Twitter.

OpenSea’s NFT gross sales quantity on the ethereum blockchain plunged to $700 million in June, down from $2.6 billion in May and a far cry from January’s peak of practically $5 billion.

NFTs are blockchain-based property which symbolize possession of digital information akin to photos and textual content.

Finzer mentioned the job cuts would enable the corporate to keep up 5 years of progress at present volumes underneath varied potential downturn eventualities.

Last month, cryptocurrency trade Coinbase mentioned it will lower about 1,100 jobs, or 18% of its workforce.

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