NFT Marketplace OpenSea lays off 20% of its workforce in the middle of the Crypto Bear Market
Ethereum-based non-fungible token (NFT) marketplace OpenSea is responding to the crypto bear market by laying off one-fifth of its employees.
In a new post, OpenSea CEO and co-founder Devin Finzer divided with his 67,400 Twitter followers a letter sent to all the company’s team members in which he cites the prospect of an extended winter in the midst of greater financial uncertainty.
Finzer said it was “a difficult day” when OpenSea planned to release around 20% of the workforce, and said in the note,
“We have been through the winter before, and we built this company with the cyclicality of crypto in mind. We have also built a very strong balance through the money we have collected and the product market fit we have proven.
Nevertheless, the reality is that we have entered into a unique combination of crypto winter and broad macroeconomic instability, and we must prepare the company for the possibility of a prolonged downturn. “
Dismissed employees will receive severance pay, extended health coverage and job-seeking assistance, according to the company.
Regarding OpenSea’s prospects for the future, the CEO says that times of financial stress can be used to double the mission and continue to build.
“When the global economy is uncertain, our mission to build a fundamental layer for new peer-to-peer economies feels more urgent and important than ever.
During this winter, I expect that we will see an explosion in innovation and utility across NFTs.
Winter is our time to build. “
DappRadar, the world’s largest decentralized application tracker, notes that NFT volume in the leading marketplaces has fallen over the last 30 days, with 6 of the top 10 having seen a decline of 40% or more.
During that period, OpenSea experienced a decrease of 43.1% in sales volume to $ 491.15 million and a decrease of 40.72% in average sales price to $ 252.92.
The news of the layoffs marks a dramatic change in the fortunes of the popular NFT marketplace, which back in January announced that it had raised $ 300 million in a Series C financing round led by the crypto-focused venture capital firm Paradigm and global investment chief Coatue.
OpenSea also boasted a value of $ 13.3 billion at the time, and currently no updated figures are available.
Don’t miss a beat – Subscribe to have crypto email alerts delivered directly to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
 
Disclaimer: Opinions expressed by The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock / LP Design
