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Opensea Cuts 20% of the NFT Market’s Staff, Citing ‘Crypto Winter’ and ‘Macroeconomic Instability’

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.

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.”

“During this winter, we’ll see an explosion in innovation across the ecosystem,” Finzer remarked. “And with the changes we’ve made, we’re in a strong position to continue driving the space forward.”

Opensea’s Finzer added that the leading NFT marketplace is focused on its goals. “When the global economy is uncertain, our mission to build a foundational layer for new, peer-to-peer economies feels more urgent and important than ever,” Finzer concluded.

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