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Usha Yadav
Jul 15, 2022
by Usha Yadav

OpenSea Fires 20% of Staff in Effort to Prepare for "Prolonged Downturn"

OpenSea staff

Table of contents

  1. Terminated Employees Will Receive Compensation
On Thursday, OpenSea CEO Devin Finzer announced through Twitter that the company is laying off about 20% of its staff, citing the necessity to adapt to the marketplace. The leading NFT firm OpenSea laid off one in five staff. The company needs to be ready for the likelihood of a protracted downturn, according to Finzer.
"The reality is that we have entered an unprecedented mix of crypto winter and wide macroeconomic uncertainty," he wrote.
"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."

Terminated Employees Will Receive Compensation

OpenSea's terminated employees will receive 12 weeks of severance compensation, six months of healthcare coverage with a mental healthcare option, accelerated equity vesting if applicable, outplacement assistance, and other benefits. The precise number of employees that OpenSea has let go of or the affected departments' names were not made public. Devin Finzer is optimistic that the NFT industry will continue to improve despite the layoffs.

The layoffs at OpenSea occurred only two weeks after the market experienced its worst month in nearly a year. In June, the market's trading volume in Ethereum NFT fell by 73%. Data from Dune Analytics showed that since August 2021, OpenSea has continuously generated over $1 billion in volume on its platform, averaging about $2.5 billion each month. The volume of trades on the exchange, which makes money from a 2.5 percent fee on all transactions, decreased to barely $695 million in June. The comparatively little sum might have shocked the market and warned of the necessity to downsize amid declining demand.

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OpenSea Fires 20% of Staff in Effort to Prepare for "Prolonged Downturn"
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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