OpenSea Lays Off 20% Employees Amidst Global Market Crash!

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Devin Finzer, CEO of the Largest NFT Marketplace - Opensea announced in a recent tweet that, it will cut 20% of its staff due to the “crypto winter” and “broad macroeconomic instability”.

Finzer said the job cuts would allow the company to maintain 5 years of growth at current volumes under various potential downturn scenarios.

OpenSea's NFT sales volume on the Ethereum blockchain plunged to $700 million in June from $2.6 billion in May.