Nonfungible token (NFT) marketplace OpenSea announced mass layoffs on Thursday, joining other crypto companies in reducing headcount during one of the most volatile periods in the industry’s history.
Co-founder and CEO Devin Finzer took to Twitter Thursday afternoon to disclose 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.
Today is a hard day for OpenSea, as we’re letting go of ~20% of our team. Here’s the note I shared with our team earlier this morning: pic.twitter.com/E5k6gIegH7
"[W]e need to prepare the company for the possibility of a prolonged downturn,” he said, adding:
The changes we’re making today put us in a position to maintain multiple years of runway under various crypto winter scenarios (5 years at the current volume), and give us high confidence that we will only have to go through this process once.
The...
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