The wave of terminations in the crypto sector has now also affected OpenSea. As CEO Devin Finzer tweeted Thursday night announced, the largest NFT platform in terms of trading volume is laying off around 20 percent of its workforce. According to Bloomberg, the company currently has 230 employees.
In a farewell letter to the affected employees, Finzer justified the layoffs with an “unpredictable combination” of crypto winter and general macroeconomic instability. As a company, you have to prepare for a longer-lasting downward trend, the OpenSea CEO continues. For the nearly 50 employees affected, however, this is likely to be little consolation.
After all, Finzer promises support for those who have been made redundant in the form of “generous severance payments, health insurance until 2023 and an accelerated release of shares”.
In the course of the market turbulence, numerous big players such as Coinbase or Crypto.com have already had to lay off employees. In Europe, the neo-broker Bitpanda was hit particularly hard.