Opensea Lays Off 20% Of Staff Due To Crypto Winter

Opensea lays off 20% of staff due to crypto winter. Opensea Co-founder and CEO Devin Finzer revealed on his Twitter today that the company has made the decision to lay off about 20% of its employees due to their need “to adapt to the current market conditions.”

Finzer’s Statements

Today is a hard day for OpenSea, as we’re letting go of ~20% of our team. Here’s the note I shared with our team earlier this morning: pic.twitter.com/E5k6gIegH7

— Devin Finzer (dfinzer.eth) (@dfinzer) July 14, 2022

On his statement, Finzer wrote “The reality is that we have entered an unprecedented combination of crypto winter and broad macroeconomic instability, and we need to prepare the company for the possibility of a prolonged downturn,“

“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 the current volume), and give us high confidence that we will only have to go through this process once.“

Despite the layoffs, the CEO expressed his confidence that the NFT space will continue to further evolve in the future, saying “During this winter, we’ll see an explosion in innovation across the ecosystem.”

Crypto Winter’s Effects

Opensea has now become the latest Web3 company affected by the heavy crypto winter, following other crypto firms and exchanges in laying off staff in recent months like Coinbase, Crypto.com, Gemini, and more.

Just last June, OpenSea had also reported their worst month in almost a year, with Ethereum NFT trading volumes plummeting by 73%.

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