OpenSea Lays Off 20% Of Its Workforce

Image of OpenSea on a mobile phone workforce

Yesterday, OpenSea Co-Founder and CEO Devin Finzer confirmed that the company has let go of 20% of its workforce. In a long and heartfelt message, he revealed the horrible news that the company has no choice but to reduce the size of its staff. The statement concludes that this directly results from the ‘crypto winter’ and global economic uncertainty.

Image of OpenSea on a mobile phone workforce

OpenSea has announced it is letting 20% of its staff go due to economic reasons. Credits: Daniel Harvey Gonzalez/In Pictures via Getty Images)

OpenSea announce they have to let go of 1/5 of their workforce

First, it is essential to remember that people have lost their jobs and will now face the prospect of finding a new role elsewhere. There has been enormous uncertainty in the NFT and crypto space lately. The awful news will disturb many who work directly and indirectly in the NFT space.

In a statement by Devin about the departure of the OpenSea workforce, he thanked the staff for playing a vital role in the company’s success. He tweeted, “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.”

OpenSea will help staff to find new jobs 

Significantly, OpenSea has offered to support the workforce members who are leaving. They have promised to treat them with great care and support. In fact, the company will provide severance pay and healthcare into 2023. They will also use their extensive network to help them find new jobs.

Crypto winter is the leading cause of job loss

Significantly, cryptocurrencies and NFTs have taken a huge hit in the last few months. Since the start of the year, Bitcoin has been down almost 50%, and Ethereum is down 56%. This has had a massive effect on the market overall. Over the past six months, this will have made it incredibly difficult for crypto and NFT companies such as OpenSea.

Because of the bear market and growing economic troubles worldwide, OpenSea has decided to let go of 20% of its workforce.

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