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OpenSea will cut 20% of its staff, co-founder and CEO Devin Finser said in a letter to the team.
He attributed the massive layoffs to "an outstanding combination of crypto winter and across-the-board macroeconomic volatility."
“We need to prepare the company for a possible long downturn,” Finser said.
According to him, the changes made will allow the platform to continue functioning under various negative scenarios “up to five years at current trading volumes.”
“The layoffs reflect the dire state of the crypto market, whose aggregate value has fallen by more than two-thirds from last year’s peak. The fact that OpenSea, the world's largest NFT marketplace, has cut jobs gives a clear indication that no company is immune from the pressures of the so-called crypto winter,” Finser added.
Previous cuts have already been announced by several participants in the crypto industry, including Gemini, Coinbase, Crypto.com, BlockFi, BitMEX, Bitpanda, and Compass Mining.
The CEO of the Binance exchange, Changpeng Zhao, on the contrary, called the crypto winter a good time to hire new employees. The plans to hire more than three hundred specialists were announced by the head of KuCoin, Johnny Liu.
Recall that in June, Forbes included OpenSea in the ranking of the most innovative private companies in the field of financial technology in 2022.