OpenSea to cut 20% of its staff

The decision was made to reduce costs amid the decline of the crypto market

15.07.2022 - 07:30

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2 min

What’s new? NFT-marketplace OpenSea will cut about 20% of its staff. This was announced on Twitter by the platform's co-founder and CEO Devin Finzer. The decision was made to reduce the company's costs amid a downturn in the cryptocurrency market.

Today is a hard day for OpenSea, as we’re letting go of ~20% of our team. Here’s the note I shared with our team earlier this morning: pic.twitter.com/E5k6gIegH7— Devin Finzer (dfinzer.eth) (@dfinzer) July 14, 2022

What else did Finzer add? The head of OpenSea explained that the job cuts will allow the company to maintain the growth that has occurred over the five years of the firm's existence, under various market downturn scenarios. He added:

“The reality is that we have entered an unprecedented combination of crypto winter and broad macroeconomic instability, and we need to prepare the company for the possibility of a prolonged downturn.”

Because of the market decline, many companies have already begun laying off employees. For example, cryptocurrency exchanges Gemini, Coinbase and Huobi have cut staff by 10%, 18% and 30% respectively. The Bybit exchange is laying off 20-30% of its staff. The employees of Bitpanda trading platform are the most unlucky; more than 70% of the staff — 730 people — will be dismissed.

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