NFT marketplace OpenSea lays off 20% of its staff

The announce come from OpenSea CEO Devin Finzer amid the collapse in crypto prices and broader economic instability.

OpenSea – the world's first and largest web3 marketplace for NFTs and crypto collectibles – laid off about 20% of its employees in attempt to “prepare the company for the possibility of a prolonged downturn” as an “unprecedent combination of crypto winter and broad macroeconomic instability” is hitting the New York-based company.

The announcement come on Twitter from OpenSea CEO & Co-Founder Devin Finzer. “When the global economy is uncertain, our mission to build a foundational layer for new, peer-to-peer economies feels more urgent and important than ever.I have immense conviction in the NFT space & in OpenSea’s role in it. During this winter, we’ll see an explosion in innovation across the ecosystem. And with the changes we’ve made, we’re in a strong position to continue driving the space forward” he said in its post.

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

Finzer has reassured affected workers as they would receive severance and health insurance until 2023 alongside an accelerated equity vesting. “The folks leaving us are smart, hardworking, mission-driven individuals who’ve played an immeasurable role in growing OpenSea and the NFT space to where we are today. We will miss them and they will forever be part of our story and community” added Finzer.

OpenSea saw massive sales growth in 2021 – with the leading NFT marketplace handling over $14 billion worth of transactions – that leveled off so far in 2022. OpenSea's NFT sales volume on the ethereum blockchain plunged to $700 million in June, down from $2.6 billion in May and a far cry from January's peak of nearly $5 billion.