About 1 in 5 employees at OpenSea have been laid off, according to CEO Devin Finzer. In total, the company cut 20% of its workforce.
Finzer posted a screenshot of a slack message, where he discussed the future of OpenSea, saying the company has “been through winter before” and that the company was built with that type of crypto cyclicality in mind.
Finzer wrote he believes the crypto environment will force the NFT community to innovate and find more utility for NFTs. This is a sentiment that popular NFT artist Beeple has backed up. Back in the beginning of July, Beeple tweeted that the quality of the NFTs being made now matters more than it used to.
And companies, including GameStop (GME) – Get GameStop Corporation Report, continue to push into this space. Can NFTs weather this winter?
FULL VIDEO TRANSCRIPT BELOW:
Now remember about a year ago, there were massive amounts of people quitting their jobs in what would be called The Great Resignation…Fast forward to now, we might be in the midst of The Great Termination…or at least in crypto space.
OpenSea is the next company that just announced it is laying off 20% of its workforce. They are joining companies like Coinbase and crypto.com who have recently considerably reduced their headcount. The CEO Devin Finzer posted a screenshot of a slack message, where he discussed the future of OpenSea. He says that the company has “been through winter before” and that the company was built with that type of crypto cyclicality in mind..
Finzer believes that the crypto environment will force the NFT community to innovate and find more utility for NFTs. As companies like Gamestop and Instagram are now turning to embrace NFTs, do you think NFTs can weather the crypto winter?
It’s your boy Ross Mac and that was the Crypto Minute on TheStreet.
