The NFT marketplace OpenSea is laying off 20% of its workforce

Devin Finzer, co-founder and CEO of the popular non-fungible token (NFT) marketplace OpenSea, has announced a reduction in the company’s workforce. The platform is laying off 20% of its employees to adapt to the current downturn in the crypto industry.

OpenSea is laying off 20% of all employees

On Twitter, the board shares a letter sent to OpenSea employees. In it, the company undertook to provide its former employees with a “generous severance package” and health insurance for the remaining years of 2022 and 2023.

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OpenSea claims it will provide its former employees with shares suitable for “those who have not hit their cliff.” The company has also promised to help its former employees move to another company and “open our personal network to support them to the best of their ability.”

Finzer writes the following about the employees who leave the company:

“The people who are leaving are bright, hardworking and determined people who have played immense roles in bringing OpenSea and the NFT space to where we are today. We will miss them and they will be a part of it forever. our history and our society. “

Finzer claims that OpenSea was developed with “cryptocurrency in mind”. He therefore believes that the company will be able to hold out despite the downward trend in the crypto market.

However, the need to reduce the workforce was driven not only by this “cyclical” nature of industry, but also by current macroeconomic conditions.

The CEO claims that this measure will allow the platform to survive for up to 5 years if the “crypto winter” lasts. Finzer:

“(…) The reality is that we have entered an unprecedented combination of crypto winter and broad macroeconomic instability, and we need to prepare the company for the possibility of a longer downturn (…).”

OpenSea joins the downturn in the crypto sector

As Coincierge.de previously reported, the crypto market has entered a downward trend along with other risky assets. The price of Bitcoin, Ethereum and other major cryptocurrencies has been pulled back by over 70% from their record highs.

This has led crypto-dependent companies to reduce their workforce. In addition to OpenSea, the popular crypto exchange Coinbase, exchange Crypto.com, the crypto lending company BlockFi and others have also taken similar actions.

According to a spokesman for OpenSea, the downward trend in the industry has been triggered by macroeconomic factors and global turmoil. The company representative expects this trend to continue and continue to negatively impact the industry and its sub-sectors.

Data from the cryptanalysis firm Nansen show a decline in activity in the NFT sector as Ethereum’s price falls. As can be seen below, trading volume for the NFT sector has experienced a sustained decline in activity, with June as a notable exception.

Source: Nansen

Text Credit: Bitcoinist

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