NFT platform OpenSea will cut its staff by 20%

OpenSea, the largest NFT marketplace in the world, will cut its staff by 20% right before the long crypto winter. This was announced by the company’s CEO Devin Finzer.

He believes that this decision will allow the platform to prepare for various difficulties during the crypto winter, which may last about five years. The massive cutbacks reflect serious problems in the crypto market. The bare fact that the largest NFT platform had to cut jobs shows that no company is immune from the crypto winter.

OpenSea will provide the terminated staff members with employment support, dismissal wage and health insurance for the next year. Finzer noted that such large-scale job cuts will not happen again.

The company’s CEO also said that now the crypto market faces a very difficult situation due to a combination of crypto winter and macroeconomic instabilities. Finzer thinks that there will be a lot of changes and innovations in the NFT industry, so this area will become one of the largest markets in the world.

Many crypto exchanges and companies have already announced staffing cuts. Among them are Coinbase, BitMEX, Gemini, Crypto.com and BlockFi. It is expected that this decision will help to optimise work during the recession and maintain profitability.

Earlier it became known that the Coinbase NFT platform, which was launched this year, failed to attract a large audience. One of the reasons for such low popularity may be a crash of the crypto market.

At the same time, Binance CEO Changpeng Zhao intends to hire more employees during the crypto winter. He believes that the current situation can be used to strengthen the position in the market. The company also intends to continue its development. Now the exchange works on obtaining the virtual assets service provider licences in different countries.