The talent attrition in the crypto market continues. OpenSea, the largest NFT marketplace in the world, has cut 20% of its staff. The company cited the so-called “crypto winter” and macroeconomic challenges as the main reasons behind this decision.
OpenSea CEO Devin Finzer announced the job cut on Twitter, sharing a note he sent employees regarding the matter. According to Bloomberg, the company now has around 230 people left on the team.
All laid-off employees will receive healthcare coverage into 2023 and accelerate equity vesting. OpenSea also pledged to help them find new jobs.
“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,” Finzer’s note reads.
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
He added that OpenSea is ready for different scenarios of this crisis, which may last five years at the current volume. “During this winter, we’ll see an explosion in innovation across the ecosystem,” Finzer wrote. “And with the changes we’ve made, we’re in a strong position to continue driving the space forward.”
OpenSea is not the only crypto company that suffered during the latest market crash. Coinbase, Gemini Trust, and Crypto.com also recently announced layoffs. Earlier this month, the Three Arrows Capital fund filed for bankruptcy after failing to pay its debt.