Leading NFT marketplace OpenSea has laid off 20% of its workforce amid the ongoing and never-ending harsh crypto winter. Devin Finzer, the co-founder and CEO, announced the layoffs. The company cannot survive the current decline of the crypto market. Finzer shared an open letter to employees about the layoffs, thanking them for their unwavering service. He called the layoffs a ““Unbelievably sad and difficult” career decision. However, the company has pledged to offer employees who are asked to leave a “generous severance package”. The CEO confirmed that the employees will receive health care coverage for 2022 and 2023.
Also read: When does Shiba Inu reach 1 cent? Shytoshi answers the question
In addition, OpenSea has pledged to help employees recruit from other companies through networking and connections. “We will also help with job placements and open our personal networks to support them where we can,” Finzer wrote. The former employees will also be provided with share acquisitions.
“We have made an incredibly sad and difficult decision to reduce the size of our team by 20%. Today we say goodbye to many of our friends and team members in OpenSea,” Finzer wrote.
The CEO revealed that open sea was launched with full knowledge of the cyclical and unpredictable state of the crypto market. He predicted that the crypto winter could last for an extended period of time, so OpenSea had to lay off employees to survive the recession.
“The reality is that we have entered an unprecedented combination of crypto winter and broad macroeconomic instability. We need to prepare the company for the possibility of a prolonged downturn.” He wrote.
Also read: Bitcoin will hit a new record in 24 months: CoinShares CSO
OpenSea and other crypto firms have resorted to laying off staff
The bearish cycle of the cryptocurrency market appears to be never-ending as the needs have been low for seven months. Investments in the crypto sector are drying up as investors fear further corrections. Therefore, exchanges are losing revenue and making little or no profit in 2022.
Crypto exchanges large and small have been laying off employees to keep their heads above water during the recession. Read here to know the full list of crypto exchanges and companies that laid off workers during this year’s bear market.
Also read: GTA 6 Cryptocurrency Will Be A Parody Of Blockchain Technology?
Several analysts have predicted that 2022 will not experience a bull market, and 2023 could be the same. Therefore, there could be many more layoffs in the sector in the coming months as companies suffer drastic losses.