NFT marketplace OpenSea lays off about 20% of its team

Quick Take

  • NFT marketplace major OpenSea announced layoffs on Thursday. 
  • CEO Devin Finzer said in a statement that “~20% of our team” had been let go.

OpenSea became the latest crypto firm to announce layoffs, with CEO Devin Finzer revealing that roughly 20% of the team is being let go.

In a statement posted to Twitter, CEO Devin Finzer wrote that "[t]oday is a hard day for OpenSea, as we’re letting go of ~20% of our team."

"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 statement explained.

The exact number of employees impacted wasn't disclosed. OpenSea later told The Block that 230 employees remain at the company. 

According to The Block's Data Dashboard, volumes across NFT markets have fallen sharply since the highs seen earlier this year.

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