Devin Finzer, co-founder and CEO of OpenSea, revealed that 20% of the company’s staff had been let go. He broke the terrible news that the business must reduce the amount of its personnel in a lengthy and passionate message. The declaration comes to the conclusion that the “crypto winter” and general economic unpredictability are directly to blame.
OpenSea announce they have to let go of 1/5 of their workforce
First and foremost, it’s important to keep in mind that people have lost their employment and must now consider the possibility of finding a new position elsewhere. Recently, there has been a great deal of uncertainty in the NFT and crypto market. Many people who directly or indirectly operate in the NFT space will be upset by the terrible news.
Devin commended the personnel for contributing significantly to the success of the company in a statement he made regarding the departure of the OpenSea workforce. “The people departing us are clever, dedicated, mission-driven individuals who’ve played an immeasurable role in building OpenSea and the NFT sector to where we are today,” he wrote in a tweet.
OpenSea will help staff to find new jobs
Significantly, OpenSea has promised to assist the departing employees. They have pledged to take excellent care of and assist them. In fact, the corporation will continue to offer healthcare and severance pay through 2023. Additionally, they will make use of their broad network to assist with job searches.
Crypto winter is the leading cause of job loss
Significantly, during the past few months, both cryptocurrencies and NFTs have suffered greatly. Bitcoin has decreased by approximately 50% since the beginning of the year, while Ethereum has decreased by 56%. This has had a significant impact on the market as a whole. This has made it extremely challenging for crypto and NFT businesses like OpenSea during the last six months.
OpenSea has chosen to lay off 20% of its personnel due to the bear market and the mounting economic problems experienced by people all around the world.