The largest non-fungible token (NFT) marketplace by trade volume, Opensea, has announced the company has let 20% of its staff go after CEO Devin Finzer said the layoffs were due to a combination of “crypto winter and broad macroeconomic instability.” Opensea’s decision follows the startup surpassing $31 billion in all-time NFT sales volume, and the company adding a variety of new support features.
Opensea CEO Reveals Company Layoffs
Opensea joins the growing list of crypto asset companies announcing layoffs this year, as the crypto market downturn has affected nearly every aspect of the industry. On July 14, 2022, Devin Finzer, Opensea’s chief executive officer, explained the company had a “hard day,” after it had to let go around 20% of the firm’s workforce. Finzer further shared the note that he wrote to members of the Opensea team before announcing the layoffs via Twitter.
Finzer’s note to the team says that management had to make an “incredibly sad and difficult decision,” and the statement highlighted the fact that the industry was dealing with a demanding “crypto winter.” Finzer added that Opensea needs “to prepare the company for the possibility of a prolonged downturn.” The CEO explained that the changes will help the company continue strong with “multiple years of runway.”
The move comes at a time when a myriad of tech companies, blockchain firms, and cryptocurrency businesses have laid off thousands of workers. Last week, Meta explained that it was slowing its hiring process and hinted at future layoffs. Firms such as Bitso, Robinhood, Coinbase, Gemini, 2TM, Rain Financial, Blockfi, Bitpanda, Buenbit, and Crypto.com have all announced layoffs. The Austrian exchange Bitpanda detailed that it had to let staff go in order to “navigate the storm and get out of it
