Opensea, the Defi marketplace, is laying off many of its workers. Devin Finzer, Co-Founder and CEO of Opensea, Thursday, revealed they are laying off 20% of their employees.
- OpenSea laid off 20% of its employees.
- The decision was due to the unprecedented combination of Cryptowinter and macroeconomic instability.
- The company is poised to build and capture what will soon become the largest web3 market on the planet with the changes made.
The Winter Economic Instability
David Finzer, CEO and Co-Founder of OpenSea, made the announcement in a note shared with his team on Thursday. He said it was a sad day for Opensea because they were saying goodbye to some of their friends and team.
Finzer said it was a regrettable and challenging decision to make. According to him, each of the affected workers has used their talent and commitment to help in the growth of the company. He thanked them for their efforts in the company.
According to him, the decision to lay off some workers resulted from an unprecedented combination of Cryptowinter and macroeconomic instability. He promised the company would be providing:
- Healthcare coverage in 2023
- Accelerated equity vesting for those who haven’t hit their cliff
- Help in job placement
- Open personal networks to support them however they can.
The CEO tweeted that with the changes made in Opensea, they are “strong” to continue driving the space forward.
“I have immense conviction in the NFT space & in OpenSea’s role in it. During this winter, we’ll see an explosion in innovation across the ecosystem. And with the changes we’ve made, we’re in a strong position to continue driving the space forward.”
OpenSea is the world’s largest web3 marketplace where people buy and sell their NFTs and Crypto collectibles.
The Scourge of Crypto winter
Companies like Coinbase, Tesla, Spotify, Netflix, and Vauld laid off some of their employees last month.