Opensea Cuts 20% of the NFT Market’s Staff, Citing ‘Crypto Winter’ and ‘Macroeconomic Instability’

The largest non-fungible token (NFT) marketplace by trade volume, Opensea, has announced the company has let 20% of its staff go after CEO Devin Finzer said the layoffs were due to a combination of “crypto winter and broad macroeconomic instability.” Opensea’s decision follows the startup surpassing $31 billion in all-time NFT sales volume, and the company adding a variety of new support features. Opensea CEO Reveals Company Layoffs Opensea joins the growing list of crypto asset companies announcing layoffs this year, as the crypto market downturn has affected nearly every aspect of the industry. On July 14, 2022, Devin Finzer,