In the midst of the "Crypto Winter," NFT Market OpenSea fires 20% of its employees
 |
| In the midst of the "Crypto Winter," NFT Market OpenSea fires 20% of its employees |
The largest nonfungible token marketplace in the world, OpenSea, announced that it had reduced its workforce by 20% due to a "crypto winter" in which NFT sales and prices have fallen.
The announcement was made via a business statement on Twitter and cited the general economic unrest as well as the precipitous decrease in the NFT and cryptocurrency markets as the causes.
According to Finzer, the layoffs were required to "prepare the company for the likelihood of a lengthy slump." He also noted that the employees who were let go received "substantial" severance compensation, healthcare coverage through the next year, and assistance with finding new jobs.
According to Forbes, the valuation of OpenSea in January was $13.3 billion, making cofounders Finzer and Alex Atallah the first NFT billionaires. The NFT market has since become less active. Since its April introduction, the JPEG NFT Index Price, which monitors prominent token collections, has decreased by about 69 percent.
Post a Comment