OpenSea layoffs: NFT marketplace to cut workforce by 20%, CEO says

OpenSea layoffs: NFT marketplace to cut workforce by 20%, CEO says

July 14, 2022 0 By Weston Blasi

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.”

See also: ‘I just wake up and cry’: Voyager and Celsius bankruptcies have destroyed some crypto investors’ confidence in centralized platforms

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.

OpenSea is one of the largest NFT marketplaces in the world. Since its launch in 2017, the platform has amassed over $10 billion of NFT transactions, according to CoinMarketCap.

Representatives for OpenSea did not immediately respond to MarketWatch’s request for comment on this story.

See also: Why is crypto crashing? Mark Cuban says ‘crypto is going through the lull that the internet went through’

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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