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

The world's largest NFT marketplace has decided to lay off 20% of its staff amid a massive market downturn that's causing fear.

1 minute & read time

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

World's largest NFT marketplace axes 20% of its staff amid bear market 01

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.

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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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