In the morning news on July 15, Beijing time, it was reported that due to the sluggish digital asset market,NFT trading platform OpenSea lays off 20% of staff to reduce costs.
OpenSea has grown rapidly in 2021, but the price of cryptocurrencies has fallen in recent months. In the face of high inflation, interest rate hikes, and recession risks, investors have become more cautious, and the NFT market has also been affected.
“The reality is an unprecedented combination of crypto winter and macroeconomic instability, and we must prepare for what could be a longer decline,” OpenSea CEO Devin Finzer said in a statement.
The Ethereum blockchain NFT sales on the OpenSea platform fell to $700 million in June, $2.6 billion in May, and peaked at $5 billion in January, showing a very large drop. NFTs are blockchain-based assets that represent users’ ownership of digital files (such as pictures, text).
In a variety of potential downside environments, at current volumes, Fetzel said,Layoffs could keep company on track for 5 years of growth.
Cryptocurrency exchanges in the last month Coinbase also announced 1,000 layoffsaccounting for 18% of the total number of employees.
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