The dark prospects of the market continue to afflict the cryptocurrency ecosystem, because eminent companies are faced with the harsh reality to reduce their workforce to ensure their long-term viability.
The Non Funsible tokens market (NFT) Opensea has established itself as an industry leader in its category. However, its own success was not enough to withstand the potential length of the so-called crypto-winter.
The company announced that it would reduce its number of employees by 20% in July to ensure the long -term viability of the company. The co-founder of Opensea Devin Finzer shared a Slack message sent to the company hearing The reasoning for the move on Twitter on July 14:
Today is a difficult day for OpenSsea, because we drop around 20% of our team. Here is the note that I shared with our team earlier this morning: pic.twitter.com/e5k6giegh7
– Devin Finzer (dfinzer.eth) (@dfinzer) July 14, 2022
Finzer promised to give outgoing staff a “generous” starting package and health coverage in 2023, as well as acceleration acquisition periods for eligible employees.
The co-founder noted that despite having built a solid assessment thanks to fundraising and a proven “product market”, OpenSsea had to reduce his workforce to ensure a financial track for a five-year cryptographic winter scenario.
Related: Crypto Exchange Coinbase Slashes personal by 18% in the middle of the bear market
A handful of OPENSEA employees went to social media platforms with positions indicating their compensation for the company. An employee was “shocked and transforming” the news while taking a positive attitude:
Kristyana Kern, a recruiter working for Opensea, confirmed his departure from the company in a LinkedIn article which was also shared on Twitter:
“In a short time there, I hired 10 people with 100%acceptance, helped to develop recruitment operations and really dug in web3. I worked with incredible people and I am so grateful for my stay there, but I’m ready for my next adventure. “”
So sad to share that I was affected by the layoffs at Opensea. I worked with incredible people and I am so grateful for my stay there.
That being said – I don’t want it to end my time in web3, so if someone hires recruiters, please contact ❤️
– Kristyana (@Kristyanakayy) July 14, 2022
Cointelegraph spoke with another former openesea employee who admitted to having been caught up in the announcement. The individual, speaking under the cover of anonymity, had been employed in the cryptocurrency industry for about a year and wanted to continue working in the web3 space.
These messages have aroused a lot of interest, colleagues and knowledge offering assistance to help place outgoing Opensea employees. Some projects such as Dao Payroll and Finance Platform Utopia Labs have called on engineers to explore new openings in the company:
If you were affected by the @Opensea dismissals that we hire @utopialabs_ and would like to discuss
We are working on deep technical problems at the intersection of remuneration, compliance and coordination for DAOs, and expand our Rockstar CAR HTTPS://t.co/0onjm8qz team
– Pryce (@pryceandstuff) July 14, 2022
OPENSEA becomes the largest company focused on the NFT to be forced to reduce staff alongside important companies in other corners of the blockchain and cryptocurrency ecosystem. June 2022 saw the great exchanges Gemini, Coinbase and Crypto.com announcing reheating places.
The list of cryptocurrency cryptography jobs, the blockchain and the web 3 portal estimates that 3,500 jobs have been reduced by the three major exchanges. At the same time, the service noted a 20% drop in the total volume of companies and jobs announced since May.
While other companies rationalize their teams, the tastes of Binance, Kraken and Okex collectively hire more than 2000 positions. Crypto Jobs List also estimates that 1000 other jobs should be created by a plethora of cryptocurrency startups and non-funsable tokens (NFT).
Nevertheless, the volume of research for “distant cryptography work” has been the highest of all time in the past 5 years pic.twitter.com/oyavzvbkho
– List of Crypto work – DEFI NFT Web3 Jobs (@Cryptojobslist) July 7, 2022
Cryptocurrency jobs, another quarry portal platform, have also noted an increase in the number of companies requiring assistance to human resources. Daniel Adler, the founder of the Jobs cryptocurrency, told Cintelegraph that he had worked with 40 different companies through the cryptocurrency ecosystem since the markets became sour in 2022:
Some teams have implemented job gels, others restructure and examine their job needs for the year, and for some, it’s as usual. For many teams, the bear market is the perfect time for making significant and strategic hits. “”
Cointtelegraph has contacted a number of people affected by staff cuts in the cryptocurrency industry. If you have recently lost your job or have been assigned by market conditions in force and want to share your experience / opinion – send an e -mail to Gareth@cistelegraph.com.
