NFT marketplace OpenSea to lay off 20% of its staff

The largest NFT marketplace OpenSea will cut 20% of its staff, co-founder and CEO Devin Finzer said in a note to the team.

Today is a hard day for OpenSea, as we’re letting go of ~20% of our team. Here’s the note I shared with our team earlier this morning: pic.twitter.com/E5k6gIegH7

— Devin Finzer (dfinzer.eth) (@dfinzer) July 14, 2022

He attributed the mass layoffs to “an unprecedented combination of crypto-winter and broad macroeconomic instability”.

“We need to prepare the company for a possible prolonged downturn,” noted Finzer.

According to him, the changes will allow the platform to continue operating under various negative scenarios “for up to five years at current trading volumes”.

“The layoffs reflect the difficult state of the crypto market, the total value of which has fallen by more than two-thirds from last year’s peak. The fact that OpenSea, the world’s largest NFT marketplace, has cut jobs makes clear that no company is immune from the pressure of the so-called crypto-winter,” added Finzer.

Earlier, a number of crypto-industry players had already announced layoffs, including Gemini, Gemini, Coinbase, Crypto.com, BlockFi, BitMEX, Bitpanda и Compass Mining.

СЕО биржи Binance Чанпэн Чжао, напротив, назвал криптозиму подходящим временем для найма новых сотрудников. О планах принять на работу более трехсот специалистов объявил глава KuCoin Джонни Лю.

In June, Forbes included OpenSea in the ranking of the most innovative private companies in fintech for 2022.

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