OpenSea purges 20% of employees, Celsius is bankrupt with $1.2B balance sheet hole and other news

Leading NFT marketplace OpenSea plans to lay off around 20% of its staff, with co-founder and CEO Devin Finzer citing "an unprecedented combination...

View this email in your browser A week in review: July 10–16 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: #1. OpenSea lays off 20% of its staff, citing 'crypto winter' Leading NFT marketplace OpenSea plans to lay off around 20% of its staff, with co-founder and CEO Devin Finzer citing "an unprecedented combination of crypto winter and broad macroeconomic instability" as the reasons behind the move. He also added, "The changes we're making today put us in a position to maintain multiple years of runway under various crypto winter scenarios (5 years at the current volume), and give us high confidence that we will only have to go through this process once." Continue reading #2. Celsius has filed for bankruptcy Celsius, the crypto lending platform that has had customer funds locked up for several weeks but previously claimed to be more trustworthy and safer than a bank, filed for Chapter 11 bankruptcy on Wednesday. According to an email received by Celsius customers, the company voluntarily filed petitions for Chapter 11 reorganization, and used the same firm as Voyager Digital for its bankruptcy proceedings. It is unclear what will happen with users' funds at this stage, given there may be a $1.2 billion hole in the firm's balance sheet. Continue reading #3. Polygon selected to participate in Disney's 2022 Accelerator Program Earlier this week, Disney invited Ethereum layer-2 scaling solution Polygon to participate in its prestigious 2022 accelerator program. Polygon was the only blockchain to receive an invite despite this year's program being focused on augmented reality (AR), NFTs and AI. Disney offers participants mentorship from the Disney Accelerator team and guidance from the leadership of Disney itself. Continue reading #4. Prediction of the week. NFT market worth $231B by 2030? Report projects big growth for sector Global research and consulting firm Verified Market Research (VMR) published a report this week that provided a fairly grand prediction that the total value of the NFT market could surge past $231 billion by 2030. The company estimated the global NFT market to be worth $11.3 billion as of 2021 in a 202-page deep dive into the sector. VMR predicted that the entire NFT market will expand at a compound annual growth rate of 33.7% over the next eight years.  Continue reading #5. FUD of the week. 'Nobody is holding them back' — North Korean cyber-attack threat rises During an interview with CNN on Sunday, former CIA analyst Soo Kim suggested that the notion of generating foreign income via crypto cyber attacks has become a "way of life" for North Koreans due to several issues the current regime faces. "In light of the challenges that the regime is facing — food shortages, fewer countries willing to engage with North Korea, [...] this is just going to be something that they will continue to use because nobody is holding them back, essentially," she said. Continue reading #6. FUD of the week. Tencent shuts down NFT platform as gov policy makes it impossible to thrive Chinese technology giant Tencent shut down one out of its two NFT marketplaces this week, with the firm citing a strong downturn in sales as a result of the regressive policies of the government. It's been reported that sales have slowed down mainly because of a flawed government policy that prohibits buyers from selling their NFTs in private transactions after purchase, removing all speculative behavior and making the asset class not so lucrative. Continue reading Cristóbal Balenciaga: To The Moon NFT drop — a love letter to haute couture Bridging the gaps between haute couture, women empowerment and NFT culture is the upcoming "To The Moon" NFT drop — elegantly inspired by and designed from 8,000 never-before-seen drawings by Cristóbal Balenciaga. In collaboration with Cointelegraph, Art Consulting, Artvein, Animal Concerts and Crypto.com NFT, this exceptional NFT drop will be packed with real-world utility and redeemables such as official Balenciaga gear, gift cards to high-end designer brands and even the 70-year-old drawings by Cristóbal! Continue reading 3.5 million people follow us on social media Download our official app:

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