The CEO of OpenSea mentioned that the job cuts will allow the firm to sustain five years of growth at the current pace of the crypto market.
OpenSea, a NY-based non-fungible token (NFT) marketplace founded in 2017, has recently announced that it would be cutting around 20% of its staff, following a series of massive layoffs in the crypto market.
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According to the official announcement issued on July 14th, the biggest NFT marketplace, having already done over $31B in sales, is taking such a drastic measure in order to reduce costs amid the current crypto bear market.
The CEO of OpenSea Devin Finzer noted that the firm must prepare for the upcoming “prolonged downturn” as they have now “entered an unprecedented combination of a crypto winter and broad macroeconomic instability.”
The company mentioned that it would be accelerating equity vesting and providing healthcare for the rest of the year for all the people who were affected by the layoff.
Back in January, OpenSea collected $300M in funding led by investments companies Coatue and Paradigm, reaching $13.3B in market value.
The crypto-driven firm joins the list of other big companies that have made major job cuts, including Gemini, Coinbase, Crypto.com, Huobi Global, Bybit, Banxa, Robinhood, and others.
It seems as though the Devin Finzer-led NFT marketplace is on a bumpy road for the past year, as it has also been subject to numerous hacks over its course. For instance, at the beginning of this year, OpenSea lost 332 Ethereum (ETH), worth around $755k at past market prices.
Later in February, Finzer announced that one hacker managed to get away with $1.7M in ETH after sending phishing links. In June, OpenSea reported on a massive leak of all its users’ email addresses.
