Devin Finzer, CEO of OpenSea, announced that approximately 20% of employees were fired by the NFT market. This is to prepare OpenSea for a possible “prolonged” crypto winter in five years.
Despite having faced the bear market before, Finzer said that the current market faces an “unprecedented combination of crypto winter and macroeconomic instability.”Laid-off employees will be granted severance, job placement support, and healthcare coverage moving into 2023. Finzer has notified all affected workers in person. He does not believe that the company’s current situation is due to lack of planning.
He said, “We created this company with the cyclicality and crypto in mind.” We’ve built a strong balance sheet with the money we raised and the product market fit that we have proven.
In response to market turmoil, Finzer stated that there is an “explosion of innovation” in the NFT market and predicted it would become the “largest on the planet.” Numerous other crypto companies have also announced layoffs. In response to the market downturn, Coinbase and Compass Mining had to fire 15% and 18% of their staff, respectively. OpenSea was hit with a series of problems in recent weeks. In June, a former employee was accused of insider trading. However, the platform reported a data leak that exposed customers’ personal information a month later.
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