Bad times for NFTs and their markets … This Thursday, July 14, Devin Finzer, co-founder and CEO of OpenSea, announced on Twitter that his company would be firing 20% of its employees.
It’s an announcement that Devin Finzer would have done without. On Twitter, the co-founder and CEO of OpenSea announced that 20% of the workforce of the market they would be fired.
Today is a tough day for OpenSea as we are letting go of about 20% of our team. Here is the note I shared with our team this morning: pic.twitter.com/E5k6gIegH7
– Devin Finzer (dfinzer.eth) (@dfinzer) July 14, 2022
These changes come as OpenSea raised $ 300 million earlier this year. The company was valued over $ 13 billion, making it one of the dominant players in the NFT sale. But the crisis was rapid in the cryptocurrency world. Currently, NFT sales are at their lowest level in the past 12 months.
A number of companies that had grown rapidly in recent years thanks to the surge in cryptocurrencies are now cutting. OpenSea joins companies like Coinbase, which recently laid off 18% of its workforce, or GameStop, which opened its market last week, days after announcing a series of layoffs.
In addition to the cryptocurrency crash, OpenSea has also experienced a number of problems such as this phishing attack that targeted its users last February or this insider trading committed by a former product manager.
Devin Finzer also indicated that these layoffs give the company a five-year headroom if the cryptocurrency crisis persists.