The statement revealed by CEO Devin Finzer stated that the decision to lay off his employees was partly due to the economic instability surrounding crypto in recent times, causing a broad economic impact including the NFT platform.
With the dismissal of this employee, it is hoped that OpenSea can prepare itself for the worst scenario that could occur during the “crypto winter”, so that the platform can maintain its position and be ready to face various economic problems in the next few years.
OpenSea did not disclose how many employees were laid off, although TechCrunch estimates that around 150 people have lost their jobs on the platform. The company itself promised to provide severance pay to the employees who had to be cut, as well as receive health care until 2023.
Not only OpenSea, it was also revealed that other leading giant crypto platforms have also been affected by the uncertain economy and the decline in crypto prices that have been declining in recent times. Coinbase reportedly cut at least 1,100 people from their jobs in the last month, and BlockFi also laid off 20% of its staff (about 200 people), as well as Crypto.com which laid off about 260 workers.