NFT marketplace OpenSea publicized that layoffs had to be made with the current situation, joining other crypto companies during the unpredictable period in the industry’s history.
Co-founder and CEO Devin Finzer disclosed that his company was laying off up to 20% of its staff. In a long message conveyed to employees, Finzer blamed an unprecedented combination of crypto winter and broad macroeconomic instability for the layoffs.
The layoffs reveal the dire state of the crypto market, whose combined value has declined by more than two thirds compared to last year’s peak. OpenSea which is the largest NFT market in the world was cutting jobs in a bleak realization that no company is safe from the crypto winter.
Mass layoffs at crypto companies have become the norm in recent months, with companies likes Gemini, Crypto.com, BlockFi and Coinbase cutting hundreds of jobs. According to one estimate, crypto companies shed 1,700 payrolls in June alone.
