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GameStop laid off several employees before the holiday season.
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Various technical engineers for crypto wallets have been affected.
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Despite this, GameStop has announced a recent partnership with Immutable X.
The recent recession has also affected the crypto and web3 world, where the latest reports suggest that GameStop has announced a current layoff layer. According to a report, this layoff is in place as the CEO has better clarity on the staff needed. The reports suggest several of the company’s crypto wallet engineers have been affected.
This layoff is taking place before the holiday season of 2022. First shared by Axios, the exact number of affected individuals is yet to be released, but the CEO is empathetic toward the people. In his words:
We have continued to gain clarity regarding the right level of corporate staff needed to achieve the profitability and growth goals.
Matt Furlong, the CEO, also added that there is never a good time for layoffs. Many engineers have been upfront about it and have been putting their opinions on platforms like LinkedIn.
The people have been blazing the crypto winter. Although the launch of GameStop into the NFT world was widely celebrated, since its launch, the platform has fallen flat compared to its competitors.
DeepRadar data shows the analytics from October 21 that it yielded roughly USD 29 million in trading volume, whereas the leading NFT marketplace, OpenSea, traded just USD 6 million.
The observation is that if this launch were to be made in the bullish market, the result of the GameStop NFT market would have been different. Thus, despite these layoffs, GameStop has also announced a new partnership with ImmutableX, which is highly anticipated.
