World's largest NFT marketplace axes 20% of its staff amid bear market

The world's largest NFT marketplace has fired 20% of its staff following a crypto market downturn and wider economic problems.

The news comes from OpenSea CEO Devin Finzer, who took to Twitter and Discord to explain that the company will be letting go 20% of its staff and that each employee fired from their position will receive a "generous severance". Notably, Finzer says that the reality OpenSea is facing is a "crypto winter" and broad "macroeconomic instability," which references rising interest rates, the war in Ukraine, and more factors that are causing fear, uncertainty, and doubt to plague the global economy.

TechCrunch has learned that 230 employees will be let go from OpenSea and that all of those employees will receive health insurance "into 2023", as well as 12 weeks of severance. Finzer explains that OpenSea has made the decision to run leaner to give it "multiple years of runway" that will, according to Finzer, put the company in a position to bear the weight of crypto winter scenarios presenting themselves. Adding, "Winter is our time to build".

For more information on this story, check out this link here.