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The largest non-fungible token (NFT) marketplace by trade volume, Opensea, has announced the company has let 20% of its staff go after CEO Devin Finzer said the layoffs were due to a combination of \u201ccrypto winter and broad macroeconomic instability.\u201d Opensea\u2019s decision follows the startup surpassing $31 billion in all-time NFT sales volume, and the company adding a variety of new support features.<\/strong>\n<\/p>\n \n Finzer\u2019s note to the team says that management had to make an \u201cincredibly sad and difficult decision,\u201d and the statement highlighted the fact that the industry was dealing with a demanding \u201ccrypto winter.\u201d Finzer added that Opensea needs \u201cto prepare the company for the possibility of a prolonged downturn.\u201d The CEO explained that the changes will help the company continue strong with \u201cmultiple years of runway.\u201d<\/p>\n The move comes at a time when a myriad of tech companies, blockchain firms, and cryptocurrency businesses have laid off thousands of workers. Last week, Meta explained<\/a> that it was slowing its hiring process and hinted at future layoffs. Firms such as Bitso, Robinhood, Coinbase, Gemini, 2TM, Rain Financial, Blockfi, Bitpanda, Buenbit, and Crypto.com have all announced layoffs. The Austrian exchange Bitpanda detailed<\/a> that it had to let staff go in order to \u201cnavigate the storm and get out of it financially healthy.\u201d<\/p>\n While many crypto companies have let people go, there are still a number of positions<\/a> available in the digital currency and blockchain industry. This past weekend, Binance co-founder Yi He told Fortune that the company still has jobs available. \u201cWe currently have more than 2,000 roles open from engineers, product, marketing to business development,\u201d Yi He said<\/a>. \u201cThe crypto space is still in its early stages, and bull markets tend to care more about price while bear markets have more value-conscious teams that continue to build the industry. We see this as a great time to bring on top talent,\u201d the Binance co-founder noted.<\/p>\n \n \u201cDuring this winter, we\u2019ll see an explosion in innovation across the ecosystem,\u201d Finzer remarked. \u201cAnd with the changes we\u2019ve made, we\u2019re in a strong position to continue driving the space forward.\u201d<\/p>\n Prior to the company\u2019s layoffs, data<\/a> shows that Opensea has recorded a total of $31.29 billion in all-time NFT sales volume. The NFT marketplace added<\/a> Solana (SOL) network support in April, and during the same month the crypto startup Moonpay announced<\/a> the option to pay for Opensea NFTs with credit cards, Google Pay, and Apple Pay. During the first week of January 2022, Opensea revealed the company secured $300 million<\/a> and later that month, the company acquired<\/a> Dharma Labs. The exact total of how many Opensea employees were let go is unknown.<\/p>\n Opensea\u2019s Finzer added that the leading NFT marketplace is focused on its goals. \u201cWhen the global economy is uncertain, our mission to build a foundational layer for new, peer-to-peer economies feels more urgent and important than ever,\u201d Finzer concluded.<\/p>\nOpensea CEO Reveals Company Layoffs<\/h2>\n
\nOpensea joins the growing list of crypto asset companies announcing layoffs this year, as the crypto market downturn has affected nearly every aspect of the industry. On July 14, 2022, Devin Finzer, Opensea\u2019s chief executive officer, explained<\/a> the company had a \u201chard day,\u201d after it had to let go around 20% of the firm\u2019s workforce. Finzer further shared the note that he wrote to members of the Opensea team before announcing the layoffs via Twitter.<\/p>\nOpensea Executive Says NFT Marketplace Is in a \u2018Strong Position to Continue Driving the Space Forward\u2019<\/h2>\n
\nOpensea\u2019s Finzer continued to compliment the employees that were leaving on Thursday in his Twitter thread. \u201cThe folks leaving us are smart, hardworking, mission-driven individuals who\u2019ve played an immeasurable role in growing OpenSea and the NFT space to where we are today,\u201d the CEO wrote<\/a>. \u201cWe will miss them and they will forever be part of our story and community.\u201d Finzer\u2019s Twitter thread highlighted that the CEO still had an \u201cimmense conviction in the NFT space,\u201d and he further noted that Opensea had a role to play in the growing sector.<\/p>\n