OpenSea layoffs: NFT marketplace to cut workforce by 20%, CEO saysJuly 14, 2022
Non-fungible token marketplace OpenSea is reducing its workforce by about 20%.
According to a note shared by OpenSea CEO and founder Devin Finzer on Thursday, the platform is laying off some of its workforce, citing “unprecedented combination of crypto winter and broad macroeconomic instability.”
“We need to prepare the company for the possibility of a prolonged downturn,” Finzer wrote. “The changes we’re making today put us in a position to maintain multiple years of runway under various crypto winter scenarios (5 years at current volume), and give us confidence that we will only have to go through this once.”
The CEO says the company will help employees who are losing their jobs in the following ways.
“For those leaving us, we’ll be providing generous severance, healthcare coverage into 2023, and accelerated equity vesting for those who haven’t hit their cliff. We’ll also be helping with job placement and opening our personal networks to support them however we can,” the message continued.
Representatives for OpenSea did not immediately respond to MarketWatch’s request for comment on this story.
An NFT is a verifiable digital asset vouchsafed by blockchain technology. NFTs are not exchangeable like currencies, as each is unique and can’t be replicated.
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