Metaplex Announces Layoffs

Share This Post

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.

Source NFT Plazas

spot_img

Related Posts

Fraggle Rock NFT Trading Cards Storm onto the Flow Blockchain

In a new partnership with Web3 company, ‘Tibles,’ the...

California DMV Drives NFT Car Titles onto the Blockchain

Though still novel, blockchain is being used more within...

Solana NFT Standard Lines Up a Major Overhaul

Some big changes are reportedly coming to Solana. As...

Love hits the Metaverse in The Sandbox Valentine’s Contest

The season of love is upon us and The...

NFTs Set to Shine as the Blockchain Economy Summit Heads to London

Over in the beating heart of the World’s financial...

Yuga Labs Clears the Murky Waters of its NFT Copyright

Yuga Labs is home to some of the most...
- Advertisement -spot_img