NFT marketplace OpenSea laid off about 20% of its staff.
Devin Finzer, CEO of the company, cited the broad macroeconomic instability in the crypto sector as driving this development.
Finzer, in a statement on Twitter, noted that about 20% of OpenSea staff were laid off.
“The reality is that we have entered an unprecedented combination of crypto woes and broad macroeconomic instability and we need to prepare the company for the possibility of a prolonged downturn.”
Finzer stated that the layoff policy puts the company in a position to handle up to five years of depressed conditions in its current volume.
“With the challenging (but significant) changes we are making today, we are in a better position to capture what will soon become the largest market on the planet.”
Before OpenSea, many companies such as Gemini, Coinbase and Crypto com had to lay off their staff.
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