NFT-marketplace OpenSea will lay off 20% of employees amid a falling cryptocurrency market
Following other projects, including cryptocurrency exchange Coinbase.
Devin Finzer, the site’s CEO, announced the layoffs on Twitter and attached a screenshot of a letter sent to the team. According to him, those laid off will receive severance pay and health insurance until 2023, with each person will talk personally and help with work.
Finzer attributed the layoffs to the fact that the company needs to prepare for a possible prolonged recession amid crypto-zima and economic instability. A company spokesman told Bloomberg that about 230 people remained on the payroll.
The company joins other crypto projects that have announced layoffs recently. Among them are Coinbase, which will lay off about 1,100 people (18% of its staff), and BlockFi, the agency notes.
OpenSea, founded in 2017, is the largest NFT marketplace by trading volume, the agency notes. In January 2022, the company raised $300 million at a valuation of $13.3 billion.
