NFT

OpenSea Cuts Staff by 20% Due to Crypto Winter

The latest to do so following Coinbase, BlockFi, and more.

NFT

OpenSea Cuts Staff by 20% Due to Crypto Winter

The latest to do so following Coinbase, BlockFi, and more.

In a tweet Thursday, July 14, OpenSea CEO Devin Finzer shared that the NFT marketplace had decided to let go of 20% of its staff. The platform is the latest to make such staffing cuts in what continues to be a digital asset downtrend.

Finzer said that the decision did not come easy and that the talented individuals will be missed. The CEO also shared that each employee would be notified in a one on one in person setting and that they will receive generous severance, healthcare coverage into 2023, and accelerated equity vesting. OpenSea also said that it is dedicated to helping individuals find job placement and will extend its own network to help make that possible.

“We’ve been through winter before, and we built this company with the cyclicality of crypto in mind,” said Fenzer, adding “we’ve also built a very strong balance sheet through the money we’ve raised and the product-market fit we’ve proven.”

The CEO ended the letter by saying that he believes the current crypto winter provides massive opportunity and that an explosion of innovation and utility for NFTs is on the horizon.

OpenSea is now the latest to join names like BlockFi who also recently laid off 20% of its staff due to current market conditions. Additionally, Coinbase laid off nearly 18% of its staff as well for the same reasons. On the other hand, two significant players that are still hiring include Sam Bankman-Fried’s FTX and CZ’s Binance.

In other news, gmoney launches Web3 luxury house and lifestyle brand 9dcc.

You may also like

OpenSea Revamps Homepage
NFT

OpenSea Revamps Homepage

Including new trending tabs and a spotlight section.
BlockFi Reduces Staff by 20% As Web3 Layoffs Continue
Cryptocurrency

BlockFi Reduces Staff by 20% As Web3 Layoffs Continue

With Crypto exchanges like Coinbase and Gemini doing the same.
OpenSea’s Shiva Rajaraman: Art Basel Attendees Need to ‘Find the Fringe’
NFT 

OpenSea’s Shiva Rajaraman: Art Basel Attendees Need to ‘Find the Fringe’

As the marketplace continues its journey in empowering creators and minimizing fraud, theft, and abuse through its new copymint detection system.
OpenSea User Emails Compromised in Data Leak
NFT

OpenSea User Emails Compromised in Data Leak

An employee of the platform’s email vendor, Customer.io, downloaded and shared the data with a third party.
More ▾