The largest NFT marketplace OpenSea arrives with a piece of sad news as it lays off 20% of its employees amid the ongoing crypto winter.
OpenSea CEO Devin Finzer broke the news on Twitter stating “we made an incredibly sad and difficult decision to reduce the size of our team by -20%.”
The OpenSea employees who are sacked will also receive outplacement services, accelerated equity vesting if applicable, six months of healthcare coverage, mental healthcare option, and other perks.
Finzer noted that the company has entered an unprecedented combination of “crypto winter and broad macroeconomic instability,” and this layoff is to prepare the platform for a prolonged downturn.
OpenSea will also assist with job placements and open its networks to assist the laid-off staff. The team was able to personally notify each staff member who got fired, which is a basic courtesy.
The NFT marketplace did not disclose the exact number of staff laid off or which departments were affected, but the WSJ stated that OpenSea currently has 230 employees, implying that approximately 57 individuals were laid off.
Still, Fenzer is very much confident in the NFT sector and OpenSea’s contribution to it and he expects a surge in innovation throughout the NFT ecosystem this crypto winter.
“I am so grateful to all those leaving OpenSea today, for their contributions and the time they spent with us on this journey. They have played an immeasurable role in, and will always be a part of the OpenSea story and community,” Finzer added.
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This shocking announcement by OpenSea is part of the many layoffs by crypto platforms during the harsh market conditions. Last month, Coinbase laid off 18% of employees fearing a crypto winter. Even BlockFi laid off 20% of its total employees amid the market crash.
