NFT marketplace OpenSea let go of 20% of staff amid crypto winter


  • OpenSea announces they are laying off 20% of its staff due to a notable plunge in the crypto market.
  • Following the impact on an undisclosed number of employees, OpenSea will now have 230 employees.
  • The impacted employees will reportedly be receiving health insurance into 2023 as well, along with 12 weeks of severance.

One of the biggest NFT marketplace, OpenSea, has reportedly laid off 20% of its staff amid a significant slump in the crypto market. This has come when a lot of crypto giants are not ready to accept that for some time, and they have to say goodbye to the good times.

Devin Finzer, the CEO of OpenSea, recently shared this piece of news on his official Twitter handle, where he mentioned that it is certainly a hard step for OpenSea. He mentioned that the laid-off employees will continue to receive health insurance into 2023, along with equity vesting and 12 weeks of severance. 

In a statement addressing the major reason why OpenSea had to take this step, Devin Finzer emphasized that the reality is that we are facing a harsh crypto winter. Above that, the winter season is amalgamated with a broad macroeconomic instability. 

He added that the recent step had been taken in order to prepare the company for any future possibility of an unprecedented prolonged downturn. 

Following the layoffs, there have been questions arising in the name of the aggressive growth tactics boasted by the company. As per the statement of Devin Finzer, the alterations they are implementing today will allow them to maintain multiple years of career ahead facing such winter scenarios. 

There is certainly no denying the fact that OpenSea has been among the top companies that benefitted the most amid the crypto bull run during 2021-22. Though it involved a lot of drama, too, like one of the executives of OpenSea was arrested last month on the charges of insider trading following an NFT trading scandal.