Opensea Lays off 20% of its Workforce Amid Market Downturn

July 16, 2022

Reading Time: 2 minutes

Amid the seemingly unending “crypto winter”, the popular NFT marketplace, Opensea has joined the list of crypto-related firms axing a significant percentage of its staff.

Devin Finzer, the co-founder and CEO of Opensea took to Twitter on Thursday to declare that the firm will be laying off 20% of its employees, citing “crypto winter and broad economic instability” as the reason, he furthered by saying the company must be prepared against “possibility of prolonged downturn”

“Each of the people leaving has played a critical role in OpenSea’s journey,” Finzer wrote. “The reality is that we have entered an unpreceded combination of crypto winter and broad macroeconomic instability, and we need to prepare the company for the possibility of a prolonged downturn.

In Finzer’s statement, affected staff will be provided with “generous severance, healthcare coverage in 2023, and accelerated equity vesting for those who haven’t hit their cliff.” He also added that he will help the laid-off staff in search of a new job with his connection where possible.

Finzer’s announcement is totally opposite of his claim in January this year that the firm after raising $300 million from venture capital funding would add 90 personnel to its workforce.

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