OpenSea Lays Off Roughly 20% of Its Staff

CEO Devin Finzer cited an “unprecedented combination of crypto winter and broad macroeconomic instability.”

AccessTimeIconJul 14, 2022 at 7:16 p.m. UTC
Updated Jul 15, 2022 at 7:04 p.m. UTC
Daniel Alegre
CEO
Yuga Labs
Hear from Yuga Labs new CEO in his first public appearance since assuming the position.
Daniel Alegre
CEO
Yuga Labs
Consensus 2023 Logo
Hear from Yuga Labs new CEO in his first public appearance since assuming the position.

Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.

Daniel Alegre
CEO
Yuga Labs
Hear from Yuga Labs new CEO in his first public appearance since assuming the position.
Daniel Alegre
CEO
Yuga Labs
Consensus 2023 Logo
Hear from Yuga Labs new CEO in his first public appearance since assuming the position.

NFT (non-fungible token) marketplace OpenSea has laid off about 20% of its staff, CEO Devin Finzer announced in a tweet on Thursday.

  • “The reality is that we have entered an unprecedented combination of crypto winter and broad macroeconomic instability, and we need to prepare the company for the possibility of a prolonged downturn,” Finzer wrote in a note to staff.
  • Finzer said the layoffs put the company in position to weather up to five years of depressed conditions at OpenSea’s current volume and not have to have further layoffs.
  • “With the hard (but important) changes we made today, we’re in an even better position to capture what will soon become the largest market on the planet,” Finzer added.
  • OpenSea joins a number of crypto firms, many of them exchanges, that have laid off staff or paused hiring in recent months. Gemini, Coinbase, Crypto.com and Bullish.com have all announced layoffs recently.

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Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.


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Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.


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