A non-fungible token (NFT) displayed on the website of NFT marketplace OpenSea is seen through a magnifying glass, in this illustration picture taken February 28, 2022. REUTERS/Florence Lo/Illustration/File Photo
July 14 (Reuters) – Non-fungible token (NFT) marketplace OpenSea has cut 20% of its workforce to reduce costs in the face of a prolonged slump in digital asset markets, the New York-based company said on Thursday.
OpenSea, the largest NFT marketplace in the world, had explosive sales growth in 2021 as the rise of cryptocurrencies created a new group of crypto-rich speculators. read more
But the nascent NFT market has slumped in recent months as cryptocurrency prices plunged and investors became more risk averse in the face of high inflation, central bank rate hikes and recession fears. read more
"The reality is that we have entered an unprecedented combination of a crypto winter and broad macroeconomic instability, and we need to prepare the company for the possibility of a prolonged downturn," Chief Executive Devin Finzer said in a statement on Twitter.
OpenSea's NFT sales volume on the ethereum blockchain plunged to $700 million in June, down from $2.6 billion in May and a far cry from January's peak of nearly $5 billion. read more
NFTs are blockchain-based assets which represent ownership of digital files such as images and text. read more
Finzer said the job cuts would allow the company to maintain five years of growth at current volumes under various potential downturn scenarios.
Last month, cryptocurrency exchange Coinbase (COIN.O) said it would cut about 1,100 jobs, or 18% of its workforce. read more
Our Standards: The Thomson Reuters Trust Principles.
Customers of crypto lender Celsius face a long and anxious wait to know how, when and even if they will get their money back after the company filed for bankruptcy, becoming one of the biggest victims of the collapse in crypto markets this year.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved

source

Write A Comment

Your article is loading
Exit mobile version