OpenSea Lays Off 20% Of Its Employees Amid Crypto Winter

OpenSea lays off its staff amid crypto winter

NFT marketplace has announced to lay off 20% of its staff on Thursday.

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CEO Devin Finzer announced this decision through his Twitter handle which will be affecting around 230 employees.

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He stated that the market is in a state of an unprecedented combination of crypto winter and broad macroeconomic instability.

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Devin further stated that they need to prepare the company for the possibility of a prolonged downturn.

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The 230 employees will be receiving health insurance “into 2023” as well as accelerated equity vesting and 12 weeks of severance.

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These recent changes made by the company have raised questions about its promised growth tactics.

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Last month, one of the company’s executives was arrested on charges of insider trading after an NFT trading scandal.

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