Devin Finzer, co-founder and CEO of NFT marketplace OpenSea, announced Thursday that the company has cut about 20% of its workforce.
OpenSea said it will provide “generous severance packages, full-year health insurance through 2023, and accelerated equity vesting” for retrenched employees.
“Everyone who leaves has played a key role in OpenSea’s journey, and the reality is that we have entered an unprecedented combination of crypto winter and macroeconomic instability, and we need to prepare the company for the possibility of a prolonged downturn,” Finzer wrote. be ready”.
According to Finzer, this round of layoffs will allow OpenSea to maintain normal operations for five years amid the crypto bear market.