The downturn in the overall cryptocurrency market has led to a number of events including CoinBase, Gemini, BlockFi…
And so many large encryption enterprises are layoffs news.
Just hours earlier, Devin Finzer, co-founder and CEO of OpenSea, the NFT market leader, tweeted that he was laying off about 20 percent of his employees.
In his public message to insiders, Finzer said they were forced to make this difficult decision because of the market downturn and the general economic environment: The reality is that we have entered an unprecedented winter of cryptocurrency and macroeconomic instability, and we need to prepare the company for the possibility of a prolonged downturn.
The changes we are making today will enable us to operate for many years in the midst of a crypto winter.
For laid-off employees, Finzer said it will offer generous severance packages, full-year health insurance for 2023, accelerated unlockable equity vesting, and wherever possible assistance in relocating them to new jobs.
Finally, he also mentioned that OpenSea is facing a huge opportunity and expects to see an explosion of innovation and utility in NFTS during this winter, leaving OpenSea in a better position to make difficult but important changes.
According to Finzer, this round of layoffs will allow OpenSea to stay afloat for five years in a bear market.
Community questions lack of management ability, acid loan to 3AC?
But the community doesn’t seem to be paying for OpenSea’s decision to lay off employees due to the market downturn.
Many people think that their hundreds of millions of dollars in revenue, combined with the 300 million yuan investment they just received earlier this year, should be more than enough to maintain the operation, and then question the management ability of the project side, and even acid is the loan to 3AC?
It’s also interesting to note that LooksRare, one of OpenSea’s biggest competitors in the NFT market, immediately responded to Finzer’s tweet with a job Posting, seemingly feeling the spark of a secret rivalry.
Which companies still insist on hiring in the winter of encryption?
When OpenSea announced its New Deal, Seaport, in the middle of last month, it mentioned that it was hiring across the board, which is quite a turnaround in just a month.
But not every company is opting to tighten its belt during the winter, and some are announcing plans to keep hiring.
Binance founder CZ, for example, tweeted in the middle of last month that he was hiring more than 2,000 positions;
Sam Bankman-Fried, chief executive of FTX, another exchange giant, said earlier he would not hold off on hiring.
Elisabeth Carpenter, chief operating officer of stablecoin USDC publisher Circle, also wrote in an official post late last month that Circle is planning to hire strategically over the next 18 months: Everything begins and ends with people.
Circle has hired hundreds of staff since the beginning of the year and is planning to continue strategic recruitment over the next 18 months.
In short, we will grow with or without encryption winter.