OpenSea lays off 20% of its staff

OpenSea has announced that it will lay off staff in a statement released via its blog yesterday. This has been one of the few happenings across the crypto market as companies continue to find ways to cushion the effects of the crypto winter. According to a post that was made available on the Twitter page of the company’s CEO Devin Finzer, he mentioned that the company was letting go of about 20% of its entire workforce.

OpenSea CEO faults market condition

In some parts of the information directed to the company’s employees, Finzer mentioned that the layoffs were caused by the bearish decline in the market as well as other economic factors. He also mentioned that the company is preparing its mind in case the market situation worsens.

Finzer said that this decision would help OpenSea operate steadily even though the market conditions worsen in the coming years. The CEO estimates that the company would be well covered for the next five years despite the market going down. However, the CEO is optimistic that things will turn around for good, and the company will not need to suffer another layoff in the coming years.

Companies continue to layoff staff

The recent layoffs have reiterated the dire state of the entire crypto market as investors and companies have been scrambling for profits. Digital assets like Bitcoin have been declining, with the top digital asset currently down around 70% from its all-time high. With OpenSea, one of the most successful companies in the NFT market in the last few years, cutting workers, more startups and companies might suffer in the coming months. However, should the market witness a sharp turnaround for good, things might return to normal as fast as possible.

Aside from OpenSea, other companies in other aspects of the crypto market have been laying off workers over the last few months. Gemini and Coinbase are two of the market giants that have laid off staff in the last few months. According to a recent report, about 1,700 jobs have been lost in the crypto sector this year alone. Also, other companies are still going strong through the ugly period as companies like Binance and FTX are still interested in onboarding more workers before the end of the year.