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OpenSea lays off 20% of its staff

The NFT market has been in a downward trend for months.

By Mike Hesp
• 3 min read
OpenSea lays off 20% of its staff

The NFT market has been in a downward trend for months. The largest marketplace OpenSea now feels compelled to lay off staff.

The wave of layoffs in the crypto sector has now hit OpenSea as well. As CEO Devin Finzer announced on Twitter Thursday night, it will lay off about 20 percent of its staff. Bloomberg says the company currently has around 230 employees.

In a farewell letter to the affected workers Finzer justifies the layoffs by pointing to an "unpredictable combination" of the crypto winter and overall macroeconomic instability. As a company, one must prepare for a continued downward trend, the OpenSea CEO added. For the nearly 50 affected workers, this will probably be little consolation.

Finzer promises at least support for the laid-off employees in the form of "generous severance packages, health insurance through 2023, and accelerated vesting of shares".

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