Mar 01, 2023
Crypto Layoffs Slow, 570 Employees Dismissed in February
The crypto industry appears to have steadied itself after a tumultuous month of layoffs in January. According to Cointelegraph’s analysis, an estimated 570 crypto employees were dismissed in February, a significant decrease from the estimated 2,850 in January.
At least 12 companies across the crypto space have reported staff cuts, primarily in the double-digits. These include blockchain analytics firms, blockchain and software development firms, and digital asset platforms.
The most recent layoffs came from crypto analytics firms Elliptic and Messari, which cut 10% and 15% of staff, respectively. Messari founder, Ryan Selkis, tweeted that the staff cuts were due to “market headwinds” and a restructuring of their internal teams. An Elliptic spokesperson told DLNews that the decision to lay off 20 employees was a move to tamp down operating expenses.
Chainalysis, another blockchain analytics company, revealed it had laid off 44 of its 900 employees, representing 4.8% of its workforce “primarily in sales.”
Neil Dundon, an Australia-based crypto recruiter, believes that the spike in layoffs is a macro event not just in Web3 but tech in general fueled by fears of an extended recession. Data from layoff tracker Layoffs.fyi revealed that 24,572 employees were laid off across 129 tech companies in February, down from 84,414 across 268 tech companies in January.
Nonfungible token (NFT) company Dapper Labs and Ethereum-scaling platform Polygon Labs both dismissed around 20% of staff as a result of internal restructuring. Immutable, the Australian firm behind another Ethereum layer-2 blockchain protocol, also reportedly cut staff during the month, reducing headcount by 11%.
Other firms to announce headcount reductions included crypto exchange Bittrex, NFT marketplace Magic Eden, institutional crypto custodian Fireblocks, software firm Protocol Labs and crypto media company The Block. Payments company Affirm announced it was sunsetting its crypto program during the month amid a 19% staff cut.
Kevin Gibson, founder of blockchain recruitment firm Proof of Search, believes that companies are still building great products and the current teams are really stretched so more layoffs would be cutting into muscle right now for many companies. He warns, however, that the United States securities regulator could still “bring about more pain,” while continued press coverage of Sam Bankman-Fried and the FTX collapse “is having an effect on the public perception of the sector and mainstream adoption.”
The crypto industry is no stranger to layoffs, but the slowdown in February is a positive sign. Companies are now turning to NFTs and NFT marketing as a way to promote their projects and create value for their users. NFTs are digital assets that are stored on a blockchain and can be used for a variety of purposes, such as trading, collecting, and gaming.
NFTs are becoming increasingly popular and as a result, there is a growing demand for NFT marketing. NFT marketing is a specialized form of marketing that focuses on promoting NFTs and driving user engagement. As the demand for NFTs increases, so too does the demand for NFT marketing.
Twitter has become a popular platform for NFT marketing, as it provides a platform for users to connect with their audience and promote their NFTs. Companies are now turning to specialized NFT marketing agencies to help them reach their target audience and promote their NFTs.
The crypto industry is in the midst of a downturn, but the slowdown in layoffs is a positive sign. Companies are now turning to NFTs and NFT marketing as a way to promote their projects and create value for their users. NFT marketing is a specialized form of marketing that is becoming increasingly popular as the demand for NFTs continues to grow. Companies are now turning to specialized NFT marketing agencies to help them reach their target audience and promote their NFTs, with Twitter becoming a popular platform for NFT promotion.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
