OpenSea, a non-fungible token (NFT) marketplace, will be laying off about 20% of its staff citing the crypto winter and broad macroeconomic instability as the reason according to a tweet by Co-founder and CEO Devin Finzer.
He said that those who were laid off will receive a generous severance package, healthcare coverage into 2023, and help with new job placements.
He added that this move would help OpenSea weather the current storm for possibly another five years without having to go through more layoffs.
Coinbase, Crypto.com, BlockFi and Bybit have all announced plans to slash their workforce in recent times.
Finzer said,
“With the hard (but important) changes that we made today, we’re in an even better position to capture what will soon become the largest market on the planet.
I am so grateful to all those leaving OpenSea today, for their contributions and the time they spent with us on this journey.”
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
