{"id":248472,"date":"2022-07-15T04:30:37","date_gmt":"2022-07-15T03:30:37","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=248472"},"modified":"2022-07-15T04:24:19","modified_gmt":"2022-07-15T03:24:19","slug":"crypto-winter-touches-opensea-sacks-20-of-staff","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/crypto-winter-touches-opensea-sacks-20-of-staff\/","title":{"rendered":"Crypto winter touches OpenSea, sacks 20% of staff"},"content":{"rendered":"<p>Leading non-fungible token marketplace OpenSea CEO Devin Finzer has revealed that the crypto firm laid off about 20% of its staff on July 14.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Today is a hard day for OpenSea, as we\u2019re letting go of ~20% of our team. Here\u2019s the note I shared with our team earlier this morning: <a href=\"https:\/\/t.co\/E5k6gIegH7\">pic.twitter.com\/E5k6gIegH7<\/a><\/p>\n<p>&mdash; Devin Finzer (dfinzer.eth) (@dfinzer) <a href=\"https:\/\/twitter.com\/dfinzer\/status\/1547648521607659522?ref_src=twsrc%5Etfw\">July 14, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the announcement, the company reduced its staff strength because of the &#8220;unprecedented combination of crypto winter and macroeconomic instability&#8221; that could last for a long time.<\/p>\n<p>The announcement did not reveal the exact number of affected employees; however, the figure is expected to be in the hundreds. The company's LinkedIn profile showed it has a workforce of 750 individuals.<\/p>\n<p>Meanwhile, Finzer said he believes OpenSea would be going through this process only once because the firm has &#8220;built a strong balance sheet&#8221; through its raised funds.<\/p>\n<blockquote><p>The changes we\u2019re making today put us in a position to maintain multiple years of runway under various crypto winter scenarios (5 years at the current volume) and give us high confidence that we will only have to go through this process once.<\/p><\/blockquote>\n<p>Finzer added that affected workers would receive severance and health insurance until 2023 alongside an accelerated equity vesting.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"qme\" dir=\"ltr\"><a href=\"https:\/\/t.co\/Ng9AQsGYdX\">https:\/\/t.co\/Ng9AQsGYdX<\/a><\/p>\n<p>&mdash; LooksRare (@LooksRare) <a href=\"https:\/\/twitter.com\/LooksRare\/status\/1547658033815515136?ref_src=twsrc%5Etfw\">July 14, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Rival NFT marketplaces like LooksRare and NFT.com responded to Finzer's tweets with revelations that they were hiring more hands.<\/p>\n<p>OpenSea's trading volume has <a href=\"https:\/\/cryptoslate.com\/opensea-sees-its-lowest-monthly-trading-volume-since-july-21-as-it-falls-195\/\">dropped<\/a> to new lows after <a href=\"https:\/\/cryptoslate.com\/opensea-transaction-volume-spikes-to-new-ath\/\">starting the year strongly<\/a>. According to data from DappRadar, the NFT marketplace <a href=\"https:\/\/dappradar.com\/ethereum\/marketplaces\/opensea\">recorded<\/a> a transaction volume of $491 million in the last 30 days.<\/p>\n<p>However, this reflects a broader decline in the space \u2014 data from Cryptoslam.io shows that NFT sales volume has <a href=\"https:\/\/cryptoslam.io\/\">declined<\/a> by around 50% in the last 30 days.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Leading non-fungible token marketplace OpenSea CEO Devin Finzer has revealed that the crypto firm laid off about 20% of its staff on July 14. Today is a hard day for OpenSea, as we\u2019re letting go of ~20% of our team. Here\u2019s the note I shared with our team earlier this morning: pic.twitter.com\/E5k6gIegH7 &mdash; Devin Finzer [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":248477,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77873,76232],"tags":[76674,76704],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto winter touches OpenSea, sacks 20% of staff<\/title>\n<meta name=\"description\" content=\"The current market conditions have forced the leading NFT marketplace OpenSea to lay off some of its staff.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/crypto-winter-touches-opensea-sacks-20-of-staff\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto winter touches OpenSea, sacks 20% of staff\" \/>\n<meta property=\"og:description\" content=\"The current market conditions have forced the leading NFT marketplace OpenSea to lay off some of its staff.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/crypto-winter-touches-opensea-sacks-20-of-staff\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-15T03:30:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-15T03:24:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/07\/opensea-layoff-.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/crypto-winter-touches-opensea-sacks-20-of-staff\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/crypto-winter-touches-opensea-sacks-20-of-staff\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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