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OpenSea Lays Off Roughly 20% of Its Staff
CEO Devin Finzer cited an “unprecedented combination of crypto winter and broad macroeconomic instability.”
NFT (non-fungible token) marketplace OpenSea has laid off about 20% of its staff, CEO Devin Finzer announced in a tweet on Thursday.
- “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,” Finzer wrote in a note to staff.
- Finzer said the layoffs put the company in position to weather up to five years of depressed conditions at OpenSea’s current volume and not have to have further layoffs.
- “With the hard (but important) changes we made today, we’re in an even better position to capture what will soon become the largest market on the planet,” Finzer added.
- OpenSea joins a number of crypto firms, many of them exchanges, that have laid off staff or paused hiring in recent months. Gemini, Coinbase, Crypto.com and Bullish.com have all announced layoffs recently.
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
