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Because of the market situation…OpenSea is laying off 20% of its employees

Because of the market situation…OpenSea is laying off 20% of its employees

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Answer Because of the market situation…OpenSea is laying off 20% of its employees

OpenSea CEO Devin Finzer announced Thursday that nearly 20% of employees have been laid off by the OpenSea platform that operates a marketplace for buying and selling NFT.

The move is intended to better prepare the company for what the market could go through from a possible crypto winter.

Despite facing a bear market before, stated Finzer:

The market is currently facing an unprecedented combination of a crypto winter and macroeconomic instability.

Laid-off employees will be given severance pay, employment support, and healthcare coverage through 2023.

All affected workers have already been personally notified.

Read:After the big announcement..Binance deletes everything related to “Visa” in the crypto card

Although he describes the move as a sad and difficult decision, Finzer doesn’t blame his company’s circumstances.

Where he previously stated:

We created this company with the cyclical fluctuations of the cryptocurrency in mind.

We’ve also created a very strong balance sheet with the money we’ve raised and fit the product market we’ve demonstrated.

Finzer confirmed that an explosion is coming on the NFT market, and he predicts that it will become the largest market on the planet.

Earlier, several other crypto companies announced layoffs of the same size in response to the market downturn.

Compass Mining and Coinbase have been forced to lay off 15% and 18% of their employees, respectively, with an increase in the hiring rate during the 2021 bull market.

OpenSea has faced a number of problems in recent weeks, affecting its balance sheet and reputation.

While a former employee of the company was accused of insider trading in early June, the platform reported a data breach and exposed customers’ personal information about a month later.

Earlier this month, the OpenSea co-founder left the company’s board of directors to focus on innovation in other areas.

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