OpenSea Lays 20% Of Its Staff, While Rival LooksRare Says It’s Hiring More People

  • OpenSea’s co-founder Devin Finzer announces that they are laying off 20% of the OpenSea staff. 
  • The firm will be helping its employees find a new jobs and will also be offering them several benefits including a generous severance pay option. 

The dreaded crypto winter has finally struck the leading NFT marketplace OpenSea. On July 14, OpenSea’s co-founder and CEO Devin Finzer took to Twitter to announce that they are laying off 20% of their staff citing the current “crypto winter crisis.”

OpenSea All Set To Lay Off 20% Of Its Team

OpenSea has joined the growing bandwagon of firms who have cited crypto winter as one of the reasons to lay their staff off. 

Today is a hard day for OpenSea, as we’re letting go of ~20% of our team. Here’s the note I shared with our team earlier this morning:

The CEO of OpenSea, Devin Finzer stated that their decision to reduce the size of the team is indeed heavy and that they are committed to providing essential benefits for the staff who will be leaving OpenSea’s team. 

The folks leaving us are smart, hardworking, mission-driven individuals who’ve played an immeasurable role in growing OpenSea and the NFT space to where we are today. We will miss them and they will forever be part of our story and community.

Finzer later added that each individual leaving OpenSea will get a generous severance and healthcare coverage into 2023 alongside the facility of accelerated equity vesting “for those who haven’t hit the cliff. ” Finzer’s announcement also added that the firm will be helping the employees get back on their feet and will assist them in each possible way. 

“Each of the people leaving has played a critical role in OpenSea’s journey. They have supported our users, championed our mission, and worked intensely to build the foundations of the NFT space…For those leaving us, we’ll be providing generous severance and healthcare coverage into 2023, and equity vesting for those who haven’t hit their cliff. We’ll also be helping with job placements, and opening our personal networks to support them however we can. ” as stated by Finzer via Twitter.  

The firm cited crypto winter and economic instability as primary reasons driving its decision to lay its staff off. 

“The reality is that we have entered an unprecedented combination of a crypto winter and broad macroeconomic instability, and we need to prepare the company for the possibility of a prolonged downturn,” Finzer’s note further stated. 

However, Finzer further claims that it’s unlikely that the firm will be going through another employee lay-off process as it’s built a strong “balance sheet” through the money that the firm has raised.   

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.

Rival NFT Marketplace LooksRare Comments On Finzer’s Post On Twitter

Meanwhile, OpenSea’s rival NFT marketplaces Binance NFT and LooksRare also commented on Finzer’s post. LooksRare further shared the news stating they are currently hiring more people to expand their team, hinting at recruiting some of OpenSea’s staff that the firm has decided to lay off recently.

Tough times don’t last. Tough teams do.#WAGMI

Finzer’s announcement stating the firm’s decision of reducing 20% of OpenSea’s team has met with mixed opinions on Twitter. Several people on social media also enquired about the company’s capital and budget allocation. 

curious where all the capital has gone for it to come to this? I find it hard to believe you’re overextended on wages considering there has been no notable infrastructure improvements or a major marketing budget.

under 100 employees noted in January 2022 and a 13bil evaluation

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