The world’s largest NFT platform, open sea, is now cutting more than 20% of its workforce. As this information is coming directly from Devin Finzer the CEO of the company, who tweeted a screenshot of a slack message he sent to the entire company staff on Thursday. Devin blamed the economic instability both around the crypto market and the company as a whole for the layoffs.
He went on to say, “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 only have to go through this process once.”
OpenSea does not disclose how many employees they have, but it’s still unclear how many people are infected by these cuts. Although the company’s LinkedIn Page does indicate they have 769 employees, which could roughly mean 150 people lost their jobs. In the same slack message, Finzer did say that impacted staff will get generous severance in health care coverage into 2023. In January, the company did raise $300 million in venture capital funding, which Finzer said would be used to hire 90 new employees and establish a fund for creators. He did not make any mention of the investor dollars in this memo to the employees.
