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Top NFT Marketplace OpenSea Lays Off 20 Percent of Its Staff as It Prepares for a ‘Prolonged Downturn’

OpenSea employees are feeling the winter chill of cryptocurrencies.

A few months after the latest cryptocurrency crash, OpenSea, which claims to be the world’s largest NFT marketplace, laid off 20% of its staff. A representative did not specify the exact number cut, but confirmed that 230 employees remain.

in detail tweet Posted on Thursday, June 14, OpenSea CEO Devin Finzer said:

Finzer shared a copy of a letter he sent to staff earlier in the day, saying, “The reality is that we are entering an unprecedented combination of a crypto winter and broader macroeconomic volatility that will lead to a prolonged economic downturn. We need to prepare the company for possible setbacks.”

Finzer called the decision “incredibly sad and difficult,” adding that it “played a key role in OpenSea’s journey.” He said the company will offer “generous retirement and health insurance through 2023,” as well as assistance with stock vesting, networking, and finding employment.

Regarding past volatility in the cryptocurrency and NFT markets, Finzer acknowledges: He said the changes currently in place put the company in a position to sustain a “multi-year runway (5 years at current volumes) under various crypto winter scenarios.” He added that “winter” is the time of construction.

Source: Google Finance

according to report in TechCrunchthe layoffs “raise questions about the company’s aggressive growth strategy and how it approached the sustainability of the NFT sector’s blistering growth.”

According to the report, OpenSea is one of the biggest beneficiaries of the 2021-2022 cryptocurrency bull market, raising hundreds of millions of investor dollars and most recently at a $13.3 billion valuation. did. That growth has not been without drama, the report notes.Last month, one of the executives of the company U.S. Attorney’s Office arrested on insider trading charges Including NFTs.

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