Metaplex Announces Layoffs

The NFT and crypto industries are inexplicably linked and the fortunes of one tend to affect the other. Case in point, Metaplex, a company that makes Solana NFT protocols, has announced a round of layoffs due to the current market condition. 

Metaplex Makes Hard Decisions 

layoffs were confirmed by Metaplex co-founder and CEO Stephen Hess in a Twitter thread. In it, he refuted rumors that the layoffs were directly due to the FTX exchange collapse. Instead, he said, While our treasury wasn’t directly impacted by the collapse of FTX and our fundamentals remain strong, the indirect impact on the market is significant and requires that we take a more conservative approach moving forward.”

While it has not been made public the number of employees that were fired, this all seems connected to both the state of the market and the FTX situation. While the industry has been in a bear market for a while, the FTX collapse negatively impacted the value of Solana. This is on top of the decline that Solana NFTs have seen in the last few weeks.

Learn more >> The Ultimate NFT Guide

Want more? Connect with NFT Plazas

Join the Weekly Newsletter
Join our Discord
Follow us on Twitter
Like us on Facebook
Follow us on Instagram

*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

The post Metaplex Announces Layoffs appeared first on NFT Plazas.

Related Posts

Elon Musk alleges SBF donated over $1B to Democrats: “Where did it go?”

SBF made the “highest ROI trade of all time” by donating $40 million to the right people for getting away with stealing over $10 billion, said Will…

Three Tokens For Your Portfolio in 2023: Big Eyes (BIG), Solana (SOL), and Orbeon Protocol (ORBN)

Solana (SOL) made headlines throughout 2021 for being one of the highest return projects of the year. In ten months, it went from just $2 to an…

A “spectral fingerprint” that is the most accurate way to prove authenticity

Tokenizing luxury assets is a game-changing innovation for the industry since it offers a means to safeguard the value of luxury assets, secure them from counterfeiting, and…

NFT and contemporary art

Non-Fungible Token (NFT) represents a new area to be explored in the art world. Possibly you have heard about it. The owner of “Galleria Ca d’Oro,” Gloria…

Timex Launches a Special Watch for BAYC Holders

While holding an NFT from the Bored Ape Yacht Club is already a status symbol, new ways are popping up for holders to enjoy exclusive perks. One…

Ripple to tackle $9-trillion dollar market and could serve 50% of world’s population

Ripple is confident that its XRP Ledger is capable enough to handle stablecoins and CBDCs for billions of people across the world. Ripple said that central banks…

Generated by Feedzy