OpenSea Lays Off 20% Staff, Economy Unsure: CEO

OpenSea Lays Off 20% Staff, Economy Unsure: CEO
  • OpenSea has laid off 20% of its total workforce.
  • The announcement was met with mixed reactions from the community.
  • Meanwhile, OpenSea has recorded $45.5 million in the last 7 days from the top 5 collections alone.

Premier NFT marketplace OpenSea has laid off 20% of its total workforce, according to CEO Devin Finzer.

Within the tweet, Finzer shared the message he sent to the entire OpenSea employee Discord channel. As part of the layoff, the company will give “generous” severance, healthcare insurance up to the end of the year, and more.

Finzer stated that the “uncertain” global economy due to various macroeconomic factors on top of the ongoing crypto winter. 

The crypto community met the news with mixed reactions. Some quipped that OpenSea will struggle further in terms of scalability, while others suggested that the company reduce its executive spending. 

Meanwhile, Bankless, an online job marketplace for cryptocurrency and decentralized finance (DeFi) careers, took the opportunity to promote its platform.

In the last 7 days, OpenSea recorded a transaction volume of 38,219 ETH for the top 5 leading NFT collections alone. Namely, these are CryptoPunks, The Saudis, Bored Ape Yacht Club (BAYC), Art Blocks Curated, and Otherdeed for Otherside. Given Ethereum’s price at the time of writing, this translates to $45.5 million. 

Furthermore, Ethereum saw a sudden increase in the last 24 hours. Specifically, Ethereum has surged to $1,191.37, which is a pump of 10%, according to CoinGecko.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.