Crypto industry has been dealing with a lot of turmoil in recent times, amplified by the crypto crash and an internationally brewing instability. Many crypto companies have had to adapt to the changing tides, from interim or permanent closures to scaling down their work forces. Following suit, troubling times abound for the staff of the NFT-specializing marketplace-giant OpenSea who has decided to cut down their labor force by twenty percent. Established in 2017, they rose to prominence over the years and made exponential growth in 2021. However, they have also been impacted by the recent crypto plunge and international inflation rates.
In a social media statement, NYC-headquartered OpenSea’s CEO said that the much-saddening “crypto winter” and the global economic downturn were key reasons for their downsizing. They emphasized they will be assisting their members of staff find new work in this unpredictable period. They will also be providing ample payoff to the more than 200 members who will be health-insured for the next year. However, he believes that this is an inevitable step required for the next stage of their development and innovation in the NFT boom. He is certain this is on brand with OpenSea’s overarching vision to maintain its status as the foremost and biggest web3 market on the globe which especially deals with NFTs.
Though undoubtedly a difficult move to make, the crypto company has made the decision as a necessary evil for the progress and stabilization of its position in the NFT industry. The were noted saying that this is to ensure the future of the company is safeguarded. This will allow them to sidestep any more such potential winter-like times that might crop up in the crypto realm in the coming years. This layoff shows the presently darkening atmosphere in the crypto sector, as not even a massive crypto firm such as OpenSea is inescapable from the aftermath of this unstable period.
