OpenSea reduces staff work by 20%

OpenSea, the world’s largest market for non-fungible tokens, has reduced staff by about 20%. This is the latest in a series of layoffs that have rocked the crypto industry as the prices of digital assets continue to plummet.

CEO Devin Finzer announced a headcount reduction in a tweet Thursday, warning of a prolonged recession amid a plunge in crypto prices and economic instability. According to LinkedIn, OpenSea has 769 employees. The reduction eliminates more than 150 jobs. The company did not immediately respond to requests for comment.

Layoffs were a big blow to OpenSea, worth more than $ 13.3 billion (US) in January during the cryptocurrency venture capital boom. OpenSea has joined other cryptocurrency companies such as Coinbase Global Inc., Gemini Trust Co., Crypto.com and BlockFi Inc., which have since announced significant headcount reductions.

According to blockchain data tracker DappRadar, OpenSea is the top NFT market in terms of trading volume, with sales of over $ 31 billion to date.

However, demand for NFTs has plummeted during the recent recession. According to DappRadar, OpenSea sales have halved in the past month, and the average NFT price on the market has fallen by nearly 40%. Even the finest NFT collections such as the Bored Ape Yacht Club and Crypto Punks feel the so-called cold winter.

According to Finzer, OpenSea plans to provide severance pay and medical insurance by 2023 to accelerate the vesting of dismissed employees.

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