Devin Finzer, CEO of OpenSea, the leading non-fungible token market, revealed that crypto companies have fired about 20% of their staff on July 14.
Today is a tough day for OpenSea, as we will let go of about 20% of the team. Here is a note I shared with our team earlier this morning: pic.twitter.com/E5k6gIegH7
— Devin Finzer (dfinzer.eth) (@dfinzer) July 14, 2022
According to the announcement, the company has weakened its staff as “an unprecedented combination of cryptocurrency winters and macroeconomic instability” could last for a long time.
The announcement does not reveal the exact number of employees affected. However, this number is expected to reach hundreds. The company’s LinkedIn profile shows that it has 750 employees.
Meanwhile, Finzer said he believes OpenSea will carry out this process only once because it has “built a strong balance sheet” through the funds raised by OpenSea.
The changes we’re making today will allow us to maintain a multi-year runway under various cryptocurrency winter scenarios (5 years at the current volume), and this process only needs to be done once. You will be highly confident.
Finzer added that affected workers will take out severance pay and health insurance with accelerated stock vesting until 2023.
— LooksRare (@LooksRare) July 14, 2022
Rival NFT marketplaces such as LookRare and NFT.com have revealed that they are hiring more people in response to Finzer’s tweets.
OpenSea trading volumes have fallen to new lows after a significant decline from the beginning of the year. According to data from DappRadar, an NFT marketplace record Trading volumes over the last 30 days have been $ 491 million.
However, this reflects a significant reduction in space — data from Cryptoslam.io show that NFT sales are high. Decline It has increased by about 50% in the last 30 days.
