The popular NFT platform OpenSea has announced that it will lay off 20% of its employees. In the statement shared by the CEO, the reason for this decision was stated as the collapse of crypto money.
While many companies and new platforms have achieved colossal growth rates with the rise of the crypto money industry, some of them had to downsize or even close with the recent recession in the industry. The last of these organizations was OpenSea, one of the largest NFT platforms.
OpenSea co-founder and CEO Devin Finzer announced on his social media account that 20% of his employees have been laid off as of today. While Finzer did not explain how many employees this ratio corresponds to, the company’s number of employees was not known clearly. However, an OpenSea spokesperson announced that 230 employees would continue to work at the company.
The reasons for the dismissals were explained as follows:
“We have entered an unprecedented combination of crypto winter and broad macroeconomic stability, and we need to prepare the company for the possibility of a prolonged downturn. The changes we are making today allow us to stay on a multi-year podium under various crypto winter scenarios (5 years at current volume), giving us high confidence that we will only have to go through this process once.”
Recent layoffs in the crypto industry:
One of the names that did business in the crypto money industry was Coinbase. Coinbase, one of the most popular cryptocurrency exchanges, laid off 1,100 employees last month. Crypto.com and BlockFi also laid off 260 and 170 employees, respectively.