OpenSea Reduces Staff Size by 20%
OpenSea has reduced its staff size by 20 percent according to an announcement shared on Twitter by co-founder and CEO Devin Finzer.
Finzer cited an "unprecedented combination of crypto winter and broad macroeconomic instability" as an impetus for the move that aims to prepare OpenSea for any sustained downturn.
According to Finzer, the leading NFT marketplace has approximately five years of runway at current NFT trading volumes. In June OpenSea traded only $696M in secondary volumes, its worst overall performance since July 2021 when the platform traded just $321M.
The OpenSea layoffs come just two weeks after co-founder Alex Atallah announced his departure from day-to-day operations.