Life after crypto biz: Refurbished employees think about the future of the labor market

Life after crypto biz: Refurbished employees think about the future of the labor market – Mail Bonus

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The gloomy market outlook continues to plague the ecosystem of cryptocurrencies, with prominent companies facing the difficult reality of reducing their workforce to ensure their long-term viability.

OpenSea’s non-fungal token (NFT) marketplace has established itself as an industry leader in its class. However, our own success has not been enough to withstand the possible length of a so-called cryptographic winter.

The company announced that it would reduce its workforce by 20% in July to ensure the long-term viability of the company. Devin Finzer, founder of OpenSea, shared a Slack message sent to the company outlining the reasons for the dismissal. Twitter July 14:

Finzer promised to provide outgoing employees with a “generous” retirement package and health care until 2023, in addition to speeding up the benefit periods for eligible employees.

The co-founder pointed out that despite building a strong balance sheet through fundraising and proven “product market capability”, OpenSea had to reduce its workforce to secure a financial runway for a five-year cryptocurrency winter scenario.

Related: Crypto Exchange Coinbase cuts staff by 18% in the bear market

Several OpenSea employees went on social media with posts indicating that they had resigned from the company. One employee was “shocked and still working” on the news while taking a positive stance:

Kristyana Kern, an OpenSea recruiter, confirmed her departure from the company in a LinkedIn post that was also shared on Twitter:

“In my short time there, I hired 10 people with 100% acceptance of bids, helped build recruitment and really dived into Web3. I worked with amazing people and I am so grateful for the time there but I am ready for my next adventure. “

Cointelegraph spoke to another former OpenSea employee who admitted to being appalled by the announcement. The anonymous person had been working in the cryptocurrency industry for about a year and wanted to continue working in the Web3 space.

These posts aroused great interest as colleagues and acquaintances offered assistance to assist the outgoing OpenSea employees. Some projects such as the DAO payroll and financial platform Utopia Labs called on engineers to investigate new openings at the company:

OpenSea will be the largest NFT-targeted company forced to downsize, along with key companies in other corners of the blockchain and cryptocurrency ecosystem. June 2022 saw that as the main exchanges Gemini, Coinbase and Crypto.com announced cancellations.

Cryptocurrency, blockchain and the Web3 portal Crypto Jobs List estimates that 3,500 jobs have been cut from the three major stock exchanges. The service also pointed to a 20% reduction in the total number of companies and jobs advertised in May.

While other companies optimize their teams, such as Binance, Kraken and OKEx hold over 2000 positions jointly. The Encryption Job List also estimates that another 1,000 jobs will be created by a plethora of cryptocurrencies and inflexible tokens (NFT) launches.

Cryptocurrency Jobs, another portal platform, also noted an increase in the number of companies requesting human resources assistance. Daniel Adler, founder of Cryptocurrency Jobs, told Cointelegraph that he had worked with 40 different companies in the cryptocurrency ecosystem since markets became acidic in 2022:

Some teams have implemented a freeze on hiring, others are reorganizing and reviewing their hiring needs for the year and for some this is business as usual. For many teams, the bear market is a great time to engage in meaningful and strategic recruitment. “

Cointelegraph has reached a number of individuals affected by staff cuts in the cryptocurrency industry. If you have recently lost your job or have been affected by the prevailing market conditions and would like to share your experiences / opinions – send an email to gareth@cointelegraph.com.