The ongoing global inflation, economic meltdown, and looming recession affect every industry. The impact is largely felt in the tech industry amongst the tech giants.
Similarly, the coronavirus pandemic and the prolonged lockdown have necessitated the downsizing of the workforce. On this premise, these tech giants are relieving their workforce of their duties.
The statistic by Layoffs.fyi summarizes the enormity of the layoff. It said over 700 tech startups had experienced layoffs this year, impacting at least 93,519 employees globally.
While you might wonder about the fate of these tech talents, they have found a new home in the crypto market and web3 ecosystem. Every day, more roles are opening up with these talents filling them.
Opportunities abound in web3. Bark tweeted that these opportunities are incomparable to any other industry.
For instance, the likes of Nillion and Sandbox announce that they are expanding.
In line with the expansion of service, they are hiring more individuals. Andrew Monsanto, the founder of Nillion, said he had employed retrenched workers from companies like Nike and Indiegogo.
Nillion is a new startup that has embarked on giant strides and proved successful. With its few months of operation, its technological innovation and prowess have proven appealing.
One of the tech talents that joined Nillion is the founder of Indiegogo, Slava Rubin. He assumes the role of Chief business officer at Nillion. Slava Rubin considers it "an opportunity to join a startup with an innovative business model."
Another tech talent that joined Nillion's workforce is Lindsay Cohen. Cohen was an associate general counsel at Coinbase and is now Nillion's general counsel. He said joining Nillion gives the "opportunity to help advance privacy and data sharing through MPC."
Sandbox is another web3 company that has expanded its workforce to accommodate tech giants from other industries. Sebastien Borget, the co-founder and COO, said Sandbox has 103 job openings.
Sandbox is a popular metaverse platform that has defied the crypto winter and keeps expanding. It has increased from its 208-employee workforce in 2021 to 404 in the third quarter of 2022. It is important to know that Sandbox virtual real estate is now worth $1 billion in market cap.
Similarly, expanding these web3 companies and the available opportunities has heightened students' interest. The report states that young job seekers and college students are now taking skills related to web3 and crypto.
These students will graduate and take up the available roles. Those in other industries will upskill and switch to web3 companies, so the migration to the web3/ crypto ecosystem continues.
The crypto market is currently bearish; major crypto tokens are at their worst price value. Amidst this bear market, experts are concerned about how web3 startups seek to maintain their increasing workforce.
Similarly, the security risk these new employees pose to the web3/ crypto ecosystem should be considered— when DeFi protocols are getting compromised and security breaches are rampant.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.