Crypto companies are facing challenging market conditions, and as a result, many are resorting to job cuts. Big names like Blockchain.com, Coinbase, and Genesis have said goodbye to some of their workforces.
And now, Polygon has trimmed 20% of its workforce. Even with over $250M and 1.9B MATIC in their treasury, they had to let go of around 100 people because Polygon consolidated several of its business units into one entity – Polygon Labs. Well, that’s what the press release said. 🤷♀️
But, overall, what is causing companies to engage in widespread layoffs? Here are some reasons:
Bear market conditions 🐻 The crypto industry has been in a bear market for more than a year, which has caused a significant decline in market capitalization. As a result, many crypto companies are struggling to generate revenue and sustain their operations.
Major Collapse 📉 The recent dramatic collapse and bankruptcy of FTX, one of the leading crypto powerhouses, has further worsened the market conditions in the industry.
Quick hiring during the bull cycle 👨💻 Many crypto companies made the mistake of quick hiring during the crypto bull cycle in 2021. However, the ongoing crypto winter has resulted in a significant reduction in demand for cryptocurrency services, coupled with a decline in trading volumes, forcing companies to resort to layoffs.
We hope that those affected by recent layoffs will find new opportunities soon, and that the companies will be able to weather the storm and come out stronger on the other side. Let's all keep our fingers crossed for brighter days ahead. 🤞
Check the amazing talent which was let go in the latest layoff from Polygon and maybe you find a colleague to go on coffee breaks together! 👀
Also make sure to scroll down, so you don't miss out on the sweet web3 job opportunities we have for you! 👇
Got the Token? Get the Beats!
Spotify is getting hip with the times and testing a new feature that lets NFT owners access exclusive playlists on their music platform.
Who’s invited? 🎫
📲 Android users in U.S., U.K., New Zealand, Australia, and Germany 🪙 Token holders in the Fluf, Kingship, Moonbirds, and Overlord communities
The Overlord “Invasion” Playlist 🎵
*Brace yourselves if you have herpetophobia like the one writing this 🥵* If you’ve got some of these creepy Creepz NFTs lying around, you’re definitely not one of us, but yes, you're in luck! 👀
You can plug your Web3 wallet into Spotify and score access to their exclusive "Invasion" playlist, handpicked by the community. A sneak peek of the playlist:
🎶 Vitamin C by CAN ✨ Shimmy Shimmy Ya by Ol’ Dirty Bastard 🚀 Rocket Man by Elton John ➕ 100 other tracks!
The Kingship Playlist 🎵
Kingship, on the other hand, is like the Gorillaz, but with Bored Ape Yacht Club NFT characters as members.
So if you're one of the lucky few to own a KINGSHIP Key Card NFT, you can unlock a playlist curated by the BAYC supergroup. The playlist features 👑 Queen 🎶 Missy Elliott 🎵 Snoop Dogg 🎸 Led Zeppelin➕ More!
How does it work? 🛠
NFT holders can connect to their MetaMask, Trust Wallet, Rainbow, Ledger Live or Zerion wallets to get access.
The announcement triggered a surge in the value of Web3 music tokens. VIB went up 33%, AUDIO rose 4% , and RHYTHM up 2.5%.
As the world goes wild for Web3 and NFTs, Spotify is keeping up by finding new ways to make our ears happy. And one day, we'll all be grooving to token-gated jams.
But wait a minute, are we the only ones who can see the potential for these exclusive playlists to leak out to the rest of the world? I mean, let's be real, how hard is it to re-create a Spotify playlist? 👀
The Product House is hosting an exclusive Women in Web3 online session on “Why Web2 Companies are Pivoting to Web3?” by Kimberly Adams, founder of Azero Labs & moderated by Eashita M.
Great read! Thanks for posting.