In a statement posted to Twitter yesterday, OpenSea CEO Devin Finzer revealed the leading NFT marketplace is laying off about 20% of its workforce due to the crypto winter.
“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.
“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 did not say how many employees were impacted by the decision, but OpenSea’s LinkedIn page indicates it has around 750+ employees currently. Impacted employees will be receiving severance and health insurance “into 2023” as well as accelerated equity vesting.
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