January 28, 2023

Briefly –

  • Devin Finzer, OpenSea’s co-founder, declared a move by the NFT marketplace to lay off 20% of staff.
  • The firm will help its staff secure new jobs and offer them various benefits, including generous severance payment options.

The escalated cryptocurrency winter has eventually struck the top non-fungible token (NFT) marketplace, OpenSea. OpenSea’s CEO and co-founder Devin Finzer tweeted on 14 July, announcing a 20% staff cut following the ongoing cryptocurrency winter crisis.

OpenSea to Lay Off Its Staff

OpenSea joined the soaring bandwagon of companies laying off their employees, citing crypto winter. Meanwhile, Devin Finzer admitted the move to trim the team size is massive, and the NFT marketplace will offer essential welfare for the leaving staff.

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Finzer stated that everyone leaving OpenSea will access a generous severance & healthcare coverage plus an accelerated equity vesting facility for employees who are yet to hit cliffs. He also revealed the firm’s plan to help the staff recuperate in every possible way.

The CEO added that each (leaving) individual contributed massively to OpenSea’s success, supporting users, championing the platform’s success, and working intensely to create the NFT foundation. The leaving team will enjoy healthcare coverage and generous severance into 2023. Moreover, those who have not hit their cliff will receive equity vesting. Also, OpenSea will help laid-off individuals to secure job placements.

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The NFT firm cited economic instability & cryptocurrency winter contributed to the staff cut. Meanwhile, Finzer claimed the firm would unlikely introduce another staff lay-off as it has created a sturdy balance sheet via the cash the company has raised.

Rival NFT Marketplaces Comment on Finzer’s Twitter Post

Meanwhile, OpenSea’s competitor NFT marketplaces LooksRare and Binance NFT commented on the Twitter post by Finzer. LooksRare further revealed contrary moves, commenting on its ongoing hiring to expand its team and hinting at employing some laid-off OpenSea staff.

Finzer’s post about reducing the OpenSea team by 20% has encountered mixed reactions on Twitter. Several social media users enquired about the firm’s budget and capital allocation.

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What are your thoughts about OpenSea’s move to reduce its staff? You can comment below.

Editorial credit: FellowNeko / Shutterstock.com


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