NFT marketplace OpenSea lays off 20% of employees

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OpenSea CEO Devin Finzer said the company needs to adapt to current market conditions and is therefore laying off 20% of your staff.

The exact number of layoffs is unknown, as are the specific departments of the company affected. Devin Finzer believes the cuts will benefit the company in the long run:

“The reality is that we have enteredThe combination of a “crypto winter” and widespread macroeconomic instability is unprecedented, and we need to prepare the company for a possible prolonged downturn. The changes we are making today will allow us to keep the company healthy for several years to come.”

Furloughed employees will receive 12 weeksseverance pay, six months of health insurance and access to mental health care. In addition, the company will help employees in future employment. 

According to Dune Analytics, from August 2021OpenSea consistently earned an average of about $2.5 billion per month. However, in June, earnings fell to $695 million. This was likely one of the reasons for the cuts.

Let us remind you that OpenSea previously reported a leakemail addresses of its users and warned about the possibility of phishing. The company said that an employee of the Customer.io service gained access to the data.