e crypto firms started shutting down one by one. The reason is Terra’s ecosystem crash that directly affected the market prices and the crypto firms as well.
In July, 3AC filed for bankruptcy protection and completely shut down, causing staff to lay off from their jobs. Voyager employees also struggle as the lending firm filed for bankruptcy protection with the goal to recover its losses. Similarly, Babel, Celsius Network, and other firms in DeFi are also struggling and halted their services due to liquidating pressures from the market.
OpenSea lays off 20% of employees
OpenSea, the largest NFT marketplace, recently announced it, cut back 20% of existing employees. The CEO Devin Finzer updated that the reason for the layoff is to recover OpenSea to survive 5 years if the crypto winter continues.
“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,” Finzer said on Twitter.
Finzer shared that laid-off employees were offered “generous severance, healthcare into 2023, and accelerated equity vesting for those who haven’t hit their cliff. We’ll also be helping with job placements and opening our personal networks to support them however we can.”
This news came as a surprise to the NFT community because everyone believes OpenSea to be the most profitable platform in the industry but the crypto winter has really stretched its claws on the crypto giants.
Will crypto jobs go extinct?
Crypto winter might be bad news for crypto firms, but experts believe that the industry is still open to jobs.
The developments and growth within the industry are in boom as new projects and startups emerge almost every month, and they are actively hiring people for various positions.
The developers and creators are still making efforts to explore and experiment within the blockchain space to introduce something new and innovative. With the industry growing, job seekers have more opportunities to grab.
Other than that, the crypto market is also open for salary workers to follow their passion by adopting new technology.
The decentralized world is designed with the vision to enable developers, builders, and common people to unleash their talent without being limited to one niche.
Overall, the crypto market is in crisis, but unlike the traditional market that has completely cut back, the crypto industry is open to creating new jobs and getting employed on existing jThe global economic market crash has affected millions of people around the world with industries falling into crisis one by one. The crypto market doesn’t seem to be doing good as well.
Prior to the claim that the crypto market is booming with jobs, the recent bankruptcy complaints and financial reports don’t show much progress, does this mean the crypto market will also lay off jobs in the coming months?
The crypto bear market seems to have affected almost every involved individual at this point. The seventh month into 2022 and the Bitcoin prices seem to be declining gradually from their resistance levels.
With Bitcoin down, the rest of the altcoins are also declining, with the smaller ones completely going negative off the chart.
Additionally, the NFTs and DeFi industry also seems to be struggling to keep up. Many investors and traders have withdrawn after the market crash, making it harder for developers, creators, and other contributors to survive the harsh crypto winter.
Is the crypto market laying off jobs, after the traditional market?
In early 2022, many traditional tech companies reported that they would lay off or cut back jobs to recover from the losses. The pandemic had already affected many salary workers and suffered from unemployment due to the loss in the traditional market.
During this time, the crypto market was actively hiring people for jobs. The pandemic brought a sudden surge of users and interest in NFTs, especially last year. The crypto market had high hopes that it would empower more and more people by offering new positions within the Web3 world.
However, the recent financial report by Coinbase showed that the crypto exchange had been struggling this year due to a decline in crypto prices.
By the end of May and mid-June, thobs.