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NFT Marketplace OpenSea Intends to Cut Workforce by 20%

ByLouis Adams

Jul 15, 2022 #NFTs
Reading time: < 1 minute

NFT marketplace OpenSea has plans to cut 20% of its staff, the company co-founder and CEO Devin Finser has announced.

According to him, these mass layoffs are due to “an unprecedented combination of crypto winter and widespread macroeconomic volatility.” He has added:

“We need to prepare the company for a possible long downturn.”

He has said that the changes made will allow the platform to continue operating under various negative scenarios “up to five years at current trading volumes.” He has said:

“The layoffs reflect the dire state of the crypto market, whose aggregate value is down more than two-thirds from last year’s peak. The fact that OpenSea, the world’s largest NFT marketplace, has cut jobs gives a clear indication that no company is immune from the pressures of the so-called crypto winter.”