Life after the crypto industry: Laid-off employees reflect on the future in the job market
Workers assess their future in the cryptocurrency economy as tough market conditions drive more staff cuts in leading companies.
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The bleak market outlook continues to plague the cryptocurrency ecosystem as leading companies face the harsh reality of downsizing to ensure long-term viability.
The OpenSea non-fungible token (NFT) market has established itself as an industry leader in its category. Yet its own success has not been enough to withstand the potential duration of the so-called crypto-winter.
The company announced that it would reduce its workforce by 20% in July to ensure the long-term viability of the business. OpenSea co-founder Devin Finzer shared a Slack message sent to the company outlining the reasoning behind the takedown decision on Twitter on July 14:
Today is a tough day for OpenSea, as we are laying off around 20% of our team. Here's the note I shared with our team earlier this morning: pic.twitter.com/E5k6gIegH7
— Devin Finzer (dfinzer.eth) (@dfinzer) July 14, 2022Finzer promised to offer departing staff a "generous" severance package and medical coverage through 2023, as well as accelerated stock vesting periods for eligible employees.
The co-founder noted that despite building a strong balance sheet through fundraising and proven “product-market fit,” OpenSea had to downsize to secure a financial track for a five-year crypto winter scenario.
Related: Crypto Exchange Coinbase Cuts Staff by 18% in Bear Market
A handful of OpenSea employees have taken to the social media platform...
Workers assess their future in the cryptocurrency economy as tough market conditions drive more staff cuts in leading companies.
Follow
The bleak market outlook continues to plague the cryptocurrency ecosystem as leading companies face the harsh reality of downsizing to ensure long-term viability.
The OpenSea non-fungible token (NFT) market has established itself as an industry leader in its category. Yet its own success has not been enough to withstand the potential duration of the so-called crypto-winter.
The company announced that it would reduce its workforce by 20% in July to ensure the long-term viability of the business. OpenSea co-founder Devin Finzer shared a Slack message sent to the company outlining the reasoning behind the takedown decision on Twitter on July 14:
Today is a tough day for OpenSea, as we are laying off around 20% of our team. Here's the note I shared with our team earlier this morning: pic.twitter.com/E5k6gIegH7
— Devin Finzer (dfinzer.eth) (@dfinzer) July 14, 2022Finzer promised to offer departing staff a "generous" severance package and medical coverage through 2023, as well as accelerated stock vesting periods for eligible employees.
The co-founder noted that despite building a strong balance sheet through fundraising and proven “product-market fit,” OpenSea had to downsize to secure a financial track for a five-year crypto winter scenario.
Related: Crypto Exchange Coinbase Cuts Staff by 18% in Bear Market
A handful of OpenSea employees have taken to the social media platform...
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