Many tech companies are laying off employees due to rising inflation and the impending recession. According to research conducted by Layoffs.fyi, at least 93,519 people around the world have lost their jobs at tech startups this year. It has also been reported that major layoffs are occurring at tech giants like Apple (NASDAQ:AAPL), Netflix (NASDAQ:NFLX), and Google (NASDAQ:GOOGL). These tech talents are migrating to web3.
Many of these firings are likely the result of the economic downturn, but the result has been a flood of talented people into startups in the Web 3 space. For instance, serial entrepreneur Andrew Masanto told Cointelegraph that he recently launched Nillion, a startup that specializes in decentralized computation, to assist in protecting users’ privacy and anonymity on Web3 platforms.
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Disclaimer: This opinion is not meant to be taken as financial guidance and is presented merely for educational purposes. Crypted Crypto cannot guarantee that it accurately represents the views of the publication. You should always do your own research before making any financial decisions, as every investment and every trade carries some degree of risk. If you cannot afford to lose the money you invest, then you should not invest it.
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