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OpenSea, The Leading NFT Platform Lays off 20% of Its Staff

This year, the cryptocurrency market has shown a downward trend, facing the threat of a wildfire-like bear market. The wave of layoffs by cryptocurrency companies is one after another. Now even the leader of the NFT trading platform, OpenSea, has also joined the ranks of layoffs.

on Twitter early this morning (15th) Finzer that he would lay off 20% of the workforce. He said:

The reality is that we have entered an unprecedented situation of “crypto winter” combined with “macroeconomic instability”, and we need to prepare companies for a prolonged downturn in the market.

Devin Finzer pointed out that affected employees will receive 12 weeks of severance pay, continue to enjoy health insurance until 2023, and can subscribe early, and will also assist with job transitions.

Devin Finzer continued that the layoffs will allow OpenSea to weather a five-year market downturn while maintaining the company’s current business volume without further layoffs. He also added:

With the difficult (but important) changes we’re making today, we’ll be in a better position to capture what will soon be the world’s largest market.

OpenSea later revealed to the media that the number of employees in the company after the layoffs is expected to drop to about 230.

It’s been a tough year for the crypto market, and many crypto firms are downsizing: exchange giant Coinbase announces layoffs 1,100 (18%); Gemini, the exchange founded by the Winklevoss brothers, lays off around 100 (10%) ); lending company BlockFi lays off about 170 (20%); exchange Crypto.com lays off 260 (5%).

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