Satvik Sethi, the non-fungible tokens (NFT) business lead at Mastercard, resigned from his position while simultaneously minting an NFT version of his letter of resignation from the global financial services giant.
Sethi explained his decision to leave the company via a Twitter thread (1), saying it "wasn't easy."
Sethi went on to clarify that he will maintain his concentration while simultaneously devoting his time to the production of art full-time. In the letter he sent with his resignation, Sethi wrote:
"As you all know, I have a tremendous amount of enthusiasm for Web3, and it was this enthusiasm that first brought me to the position I held now in 2021. I have always been captivated by the possibility that Web3 may transform the world for the better, and I feel that now, more than ever, is the appropriate time for me to completely immerse myself in this sector - through my businesses, my art, and my industry expertise.
Using the digital collectibles protocol Manifold, Sethi has minted his letter of resignation as an open-edition non-fungible token (NFT). He further stated that "survival" will receive one hundred percent of the revenues from this NFT. The "New Beginnings" initiative has been set for 0.023 ETH (about $38) for each participant. There have been 12 new NFTs created thus far.
After leaving his position at Mastercard, the former NFT product lead intends to continue devoting his time to developing his private Web3 social media and community website, Joincircle.
Higher management to be blamed for his resignation?
In a lengthy conversation on Twitter, Sethi expressed how he believed the corporation had entirely ignored him and his concerns. He said that after moving from New York City to London because of visa concerns, his workload rose by 200 percent while his compensation decreased by 40 percent. Sethi continued by saying that he was forced to work more to stay afloat.
"While working at Mastercard, I was subjected to harassment and emotional anguish due to several poorly managed processes, misunderstandings, and inefficiencies inside the company.
Among many other problems, there were periods of many months during which I received my wage when I had pleaded my case at every level of the organization for it, he continued.
In addition, Sethi brought to light various unethical HR strategies of the firm, such as the fact that despite having to provide a three-month notice, he was only paid for one month and was not eligible for any incentives.
After Sethi called attention to the fact that the corporation had been having earlier chats, he was prevented from accessing any of his accounts.
They could try to undermine my credibility or minimize the impact of my work. However, the reality is that all of our partners, customers, and regional teams throughout the world associate Mastercard x NFTs with me.
Anyone in our portfolio which has a question about Web3 will have that inquiry sent to me, whether it is the Chief Marketing Officer or an analyst," he said.