On July 14, co-founder and CEO of OpenSea Devin Finzer announced the termination of 20% of the company’s workforce through Twitter. Finzer used the consequences of the crypto winter, just like other influential figures in the cryptosphere before him, to support his decision. In reaction to this news, a rival in the primary NFT market said it was prepared to hire more people despite the present financial crisis. Details are provided below.
Substantial severance pay and assistance in locating a new position
As trading volumes plummeted, the NFT market became one of the worst hit by the crypto winter. As Mr. Finzer noted, this naturally led to a considerable decline in revenue from the OpenSea platform. The latter continued by saying that the interaction of these events and the recent socioeconomic turmoil necessitates OpenSea to be ready for “the prospect of a lengthy slowdown.” The CEO’s message also states that the business would assist employees in whatever manner it can in getting back on their feet.
- “ Each of the people leaving has played a vital role in OpenSea’s journey. They have supported our users, championed our mission, and worked hard to build the foundations of the NFT space… For those leaving us, we will provide generous severance and medical coverage through 2023, as well as the acquisition of actions for those who have not reached their ceiling. We will also help them find jobs and open our personal networks to support them as much as possible ,” the announcement reads.
