The high seas seem to be where the winter has arrived. Open Sea, the world's most popular NFT marketplace, has announced widespread layoffs, joining several other industry leaders which have had to make major workforce cuts.
An explanatory note was written for the platform's remaining employees after OpenSea CEO David Finzer announced that 20% of the company's staff would be laid off.
We have entered an unprecedented combination of winter and macroeconomic instability. The company needs to be prepared for a long downturn.
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
Open Sea is a large platform. It was worth $13.3 billion at the beginning of the year, and has done over $30 billion in sales over the course of the year.
The industry board as a whole was not good in June. OpenSea only saw $700 million in sales, which was a far cry from the previous month's $2.6 billion, and it doesn't look like things will improve anytime soon.
The Open Sea leadership is still optimistic about the future of Web3. It's not a big deal if it's just abump in the road.
"With the hard (but important) changes we made today, we're in an even better position to capture what will soon become the largest market on the planet," he said in a message to his team.
OpenSea cuts 20% of staff as job losses occur.
Nft prices are Plummeting now.
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