NFT Marketplace OpenSea Announced 20% Layoff Amid Low Volume

NFT Marketplace OpenSea Announced 20% Layoff Amid Low Volume
  • Finzer is certain that the NFT industry will continue to improve.
  • June saw a 73% drop in the amount of Ethereum NFT trading on the market.

OpenSea, the leading NFT marketplace, has laid off almost 20% of its staff. According to CEO Devin Finzer, who announced the news through Twitter on Thursday, the firm is laying off about 20 percent of its workers in order to better adjust to the present market.

Finzer mentioned:

“The reality is that we have entered an unprecedented combination of crypto winter and broad macroeconomic instability, and we need to prepare the company for the possibility of a prolonged downturn.” 

NFT Industry Hit Hard

Fired workers will get severance compensation, six months of healthcare and mental health coverage, expedited equity vesting, outplacement assistance, and other perks. In a statement, OpenSea refused to say how many staff were put off or which departments were impacted. Meanwhile, Finzer is certain that the NFT industry will continue to improve.

Two weeks after the worst month in almost a year, OpenSea announced this layoff. June saw a 73% drop in the amount of Ethereum NFT trading on the market. According to Dune Analytics statistics, there has been an average of $2.5 billion in monthly volume on OpenSea’s platform since August 2021.

Just $695 million was traded on the marketplace in June, which derives money from a 2.5 percent charge on all deals. The comparatively modest payment may have struck the firm hard and signified a need to downsize in light of declining demand.

A firm like OpenSea, which was recently valued at $13 billion, is just one example among many that have been hit hard by a drop in retail investor confidence. Coinbase, Gemini, Crypto.com, Robinhood, and others have all already laid off employees.

Recommended For You:

NYDIG Now Official Bitcoin Payroll Platform For New York Yankees

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.