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OpenSea Lays Off 20% Of Workforce

NFT Vegas by The Drop

July 15, 2022

Welcome to The Drop NFT Newsletter. Breaking NFT news, project breakdowns, & artist spotlights - We do the heavy lifting so you don't have to! Join our Discord to win raffles and allow list spots!

Happy Friday!We care about our community immensely and want to make it well known at this Saturday the nationwide (U.S.) mental health hotline has been changed to "988". We hope everyone has an amazing weekend and can't thank everyone enough who is reading this article right now - let's get into today's issue!

What's Dropping ⚡️

  • Cryptopunks have seen a massive pump in the last month, blasting up nearly 65% in the last month alone. Is something brewing? (CoinGecko)

  • You heard right, Open Sea just laid off a huge chunk of employees. This doesn't come as much of a surprise to many but is still rough to hear. (ArtNews)

  • There is a new metaverse play-to-earn game in the works that is unlike anything we've seen. In Metaverse Massacre Chapter 1, your NFTs must kill or be killed, and the winner will walk away with a lot more than just their life. (Twitter)

  • Many of us grew up reading the Sunday funnies, and if you did you'll remember Doonesbury, a sort of American slice-of-life comic strip. The original creator Garry Trudeau has listed some strips as NFTs on auction. (Washington Post)

  • Cyberfist minted out a secret 10k collection of WinnerCo ID Badges yesterday to over 4,400 wallets in under 90 minutes. Future utility for stacking badges announcement is forthcoming. (OpenSea)

  • Fintech fans may want to check out Supermojo, a financing platform with the business model of "Making NFTs more accessible." (BusinessWire)

  • The intelligent team behind Meta Wizards has been working for months on their upcoming game that will focus on skill rather than luck. Their 3D avatars are incredibly unique and varied, and we heard there may be some kind of airdrop soon. (Twitter)

  • The minds behind Moonbirds are working on a social platform and possible metaverse. Led by Kevin Rose, PROOF continues taking initiative as a recognized powerhouse in web 3. (Decrypt)

OpenSea Lays Off 20% Of Workforce 😬

The demon that we continuously battle is the monopoly that OpenSea has on NFT trading. It is, and will continue to be, the premier NFT marketplace (at least for now). Then why did it just let go of 20% of their staff? Let’s dig into that.

NFTs have been seeing constant activity, even in this crypto winter, or bear market. With free mints having thousands of sales and bigger Art Blocks collections seeing more traction, there are key indicators that show that NFTs are still moving. And that’s just to name a few. The trading activity is staying constant day by day. But, the amount of volume, in terms of Ethereum, is going down week by week. Back in January, OpenSea would clear approximately $100 million in volume in a given day. Compared to the present day volume metric of around $10 million, that’s a drastic difference.

The amount of Ethereum injected into OpenSea is declining, thus causing the company to start cutting costs. This makes sense considering the fact that OpenSea runs itself like a centralized company. They have to react to market conditions just as a professional organization would. OpenSea isn’t going anywhere, but a portion of its workforce is. With their talent and knowledge, we’re sure they’ll find another role within Web3 quite quickly. For the meantime, ponder on the thought that a marketplace that makes millions of dollars a day still has to cut its workforce. It’s mind boggling. WAGMI.

Editor's comment: In other news, Magic Eden is hiring 👀

Web3 Expo: NFT Vegas By THE DROP 🔥

The incredible personalities that comprise Web3 will be spending four days in Vegas between October 10th - 13th for the inaugural Web 3 Expo, W3BX. Over a hundred Web3 companies will be represented at W3BX, and it’s slated to bring in nearly 10,000 participants. In addition to speakers, it will host intimate discussions, workshops, networking events, and one on one meetings. The W3BX Summit will be hosted in the world renowned Wynn Resort, which boasts a casino, 22 restaurants, golf courses, spas and more.

The events for the summit will be spread out over 15 of the resorts spaces, making for a stimulating and novel experience. W3BX will also have a dedicated application that enables attendees to navigate the summit with ease. For example, you can book a meeting with an investor through the app itself. Passes are on sale and are available in four different tiers. And guess who is the presenting sponsor of the NFT portion of the conference? You guessed it, THE DROP!

We are so excited to be the presenting sponsor of NFT Vegas and can't wait to share much more information 😊. Stay tuned.

Meme Drop 💧

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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.

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