Despite a significant depression in the market, plenty of top players have been hesitant to say that the good times are over for the time being.
In a message shared with staff that he posted publicly on social media, Open Sea's CEO said that the company needed to prepare for the possibility of a long downturn due to the combination of winter and macroeconomic uncertainty.
Today is a hard day for OpenSea, as we’re letting go of ~20% of our team. Here’s the note I shared with our team earlier this morning: pic.twitter.com/E5k6gIegH7
— Devin Finzer (dfinzer.eth) (@dfinzer) July 14, 2022
The company did not say how many employees were affected by the decision, but the company has around 750 employees. severance and health insurance will be given to impacted employees, according to the report.
The layoffs raise questions about the company's aggressive growth tactics and how they dealt with the NFT sector's rapid growth. The company has years of runway ahead of it with these changes, assuming things don't get any worse, according to a note written by the company's CEO.
The changes we are making today give us high confidence that we will only have to go through this process once.
OpenSea has raised hundreds of millions of dollars from investors, most recently at a $13.3 billion valuation. One of the company's executives was arrested on charges of insider trading after an NFT trading scandal.
Former OpenSea exec arrested and charged with insider trading of NFTs
The talent entering the space is one of the main reasons that venture capitalists are bullish on the space, but it is not known how much of that talent is being held onto.
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