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OpenSea NFT Platform lays off 20% of employees

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OpenSea, the biggest NFT market in the world, announced it is slashing around 20% of its employees.

This is the latest in a series of layoffs that turmoiled the already shaken, crypto community as the cryptocurrency prices plunged.

OpenSea’s Chief Executive Devin Finzer confirmed the layoffs in a tweet and asserted that the crypto winter might be longer than expected. However, he added that things are not so gloomy and said he has immense conviction in the NFT space and OpenSea’s role in it.

Finzer explained that, during this winter, we might see “an explosion in innovation across the ecosystem. And with the changes we’ve made, we’re in a strong position to continue.” He also said that in uncertain times, the company’s mission to build a foundational layer for new, peer-to-peer economies feels more urgent and essential than ever.

According to the firm’s representative, Allie Mack, around 230 employees will stay with OpenSea, which was, by the way, valued at over $13.3 billion in the year’s beginning.

Other exchanges that also decided to fire their people are Gemini, Coinbase, Crypto.com and BlockFi.

It all started with the Terra Luna collapse in May this year that entailed all other companies halting withdrawals, firing employees or even filing for bankruptcy.

Demand for NFTs has also plummeted, that cut the sales of OpenSea in half during just one month. The average price of an NFT on its marketplace fell by approximately 40%. This includes even the most famous NFT collections such as Bored Ape Yacht Club and CryptoPunks, who, even though are still selling, have felt the winter breeze.

According to Finzer, this whole situation can be seen as an opportunity. He said that during this winter he expects an explosion in innovation and utility across NFTs. “With the hard (but important) changes we made today, we’re in an even better position to capture what will soon become the largest market on the planet. Winter is our time to build”, Finzer concluded.

The company added it will provide health coverage next year for all fired employees.

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Author: Teuta Franjkovic

Author: Teuta Franjkovic

A sincere writer with a strong will to share knowledge on all things blockchain, crypto, metaverse and DeFi. Starting out as a writer with Cosmopolitan, Teuta has risen through the ranks of business journalism, editing newspapers and websites within the fintech industry for over 15 years. She holds a double MA in Public Politics and Entrepreneurship.

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