OpenSea Lays Off 20% Of Employees

NFT Marketplace OpenSea has laid off about 20% of its staff amid extremely difficult market conditions.

OpenSea co-founder Devin Finzer announced on his Twitter account that the company will lay off 20% of its employees.

Finzer cited the crypto winter as a factor behind the decision. He said making this decision was essential “to be in a strong position”. He believes that the bear market will bring a lot of innovation to the ecosystem.

“Hi all, we made an incredibly sad and difficult decision to reduce the size of our team by ~20%, and today we’re saying goodbye to many of our friends and team members across OpenSea.”

In addition to staff reductions, OpenSea has a number of other problems within the company. Earlier this year, the platform was hacked when PeckShield reported that they had $700,000 of ETH stolen from the platform.

And other matters, this past May, a scam was announced on the official OpenSea Twitter account. This scam is based on a fake advertisement that says, OpenSea and YouTube have teamed up to come up with a new NFT collection. An affiliate is said to have provided a place on the waitlist for these NFTs. However, it’s just an online scam.

On July 1, an employee of Customer.io, Opensea’s emailing partner, accessed the non-fungible token (NFT) market database. These people then leaked the emails of customers and newsletter subscribers to the outside without permission.

OpenSea has joined a number of industry-leading crypto companies, including many exchanges, that have laid off staff or halted hiring in recent months. Some typical names are Gemini, Coinbase, and Crypto.com,… Not long ago the company’s co-founder Alex Atallah also announced his resignation.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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