The world's largest NFT trading site, OpenSea has now announced they will cut their workforce by 20%. This is due to the overall decline in the value of cryptocurrencies, in addition to the recent economic instability.
OpenSea also said the move will allow them to operate for a longer period with existing funds. Retrenched workers are expected to be given compensation as well as health protection for a period of time.
What’s a bit of a surprise is that just last January OpenSea had grabbed a fund injection of $ 300 million.
The OpenSea announcement comes in parallel with several cryptocurrency-related companies that have filed for bankruptcy, as well as reducing the workforce at their respective companies.
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CYBER LIFE