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OpenSea Is Affected by Crypto Winter – 20% Of the Workers Are Let Go

Devin Finzer, CEO of OpenSea, the leading NFT marketplace, disclosed that on July 14, the crypto company let go around 20% of its workforce.

The company reportedly decreased the number of employees due to the “unprecedented mix of crypto winter and macroeconomic volatility” that could endure for a considerable amount of time.

The precise number of affected employees was not disclosed in the announcement, but it is anticipated to be in the hundreds. According to the company’s LinkedIn site, there are 750 people working there.

Finzer added that he thinks OpenSea would only go through this procedure once because the company has “built a strong balance sheet” through the money it has raised.

“The changes we’re making today put us in a position to maintain multiple years of runway under various crypto winter scenarios (5 years at the current volume) and give us high confidence that we will only have to go through this process once.”

Finzer also said that affected employees would receive expedited equity vesting along with severance and health insurance up until 2023.

Finzer’s remarks prompted other NFT markets like LooksRare and NFT.com to announce that they were expanding their workforces.

The trading volume for OpenSea has decreased significantly after a good start to the year. DappRadar data show that $491 million worth of transactions were made on the NFT market in the last 30 days.

The NFT sales volume has decreased by about 50% over the past 30 days, according to data from Cryptoslam.io.

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