OpenSea Laid Off 20% Of Its Staff To Prepare For The Prolonged Winter

OpenSea laid off 20% of its staff to prepare for the prolonged crypto winter and the CEO Devin Finzer said the move will give the company multiple years of runway under various winter scenarios so let’s read more today in our latest cryptocurrency news.

The top NFT market OpenSea laid off 20% of its staff or roughly one in five of its employees. The CEO Davin Finzer said that the company is parting ways with 20% of the workforce due to the company’s need to adapt to the marekt conditions:

“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.”

He continued:

“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.”

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

Terminated employees will get 12 weeks of severance pay and six months of healthcare coverage as well as mental healthcare options, outplacement services, and accelerated equity vesting if applicable. OpenSea will not confirm the exact number of employees tht it laid off and which departments were affected. Despite the layoffs, Finzer is extremely confident that the NFT space will continue to evolve for the better:

“During this winter, we’ll see an explosion in innovation across the ecosystem.”

The folks leaving us are smart, hardworking, mission-driven individuals who’ve played an immeasurable role in growing OpenSea and the NFT space to where we are today. We will miss them and they will forever be part of our story and community.

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

OpenSea layoffs came two weeks after the marekt had its worst month in a year and Ethereum NFT trading volume on the market crashed by 73% in June. As per the data from Dune Analytics, OpenSea consistently generated over $1 billion in volume on the platform per month since 2021 which averaged around $2.5 billion. The volume on the market generates revenue of 2.
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5% fee on the trades which just dropped to $695 million. The low sum could have hit the market hard and signaled a need to downscale amid the drop in demand. OpenSea valued at $13 billion came earlier this year which is still a far cry from the company’s struggle as a result of the retreating retail investors. Some of the heaviest hitters that laid-off workers include Gemini, Crypto.com, Coinbase, and Robinhood.