Crypto hiring: Rough waters for OpenSea as NFT platform announces layoffs

Around 50% of staff were cut. Also, Lido loses a business developer and DCG hires a defense lawyer for its impending legal battle


Diego Thomazini/Shutterstock modified by Blockworks


OpenSea’s CEO announced a series of layoffs on Friday afternoon via a thread on Twitter, as the NFT market continues to underwhelm.

An OpenSea spokesperson told Blockworks around 50% of staff was affected. The move comes less than a month after fellow NFT startup Yuga Labs made its own round of employee cuts.

OpenSea CEO Devin Finzer also said the platform is “shifting to a smaller team with a direct connection to users.” 

The company was valued at $13.3 billion at the height of its fundraising efforts back in 2022. This was before the NFT market entered a prolonged slump, and its loss of market share to rival NFT platform Blur.

Finzer mentioned the platform will be making a “big upgrade” to OpenSea 2.0, though specifics on the update are scarce.

“With these changes, we are better positioned to deliver for the community, shipping high-impact efforts and matching the speed at which this space evolves,” a spokesperson for OpenSea said.

Other notable hiring news

  • Kraken hired Bivu Das as the exchange’s UK managing director. Das previously spent seven years at Deloitte before founding a Web3 infrastructure firm in 2022.
  • Seraphim Czecker left from an amorphous business development role at Lido, writing, “it’s hard to make a significant growth impact when the project is so successful already.”
  • DCG retained defense lawyer Barry Berke after New York Attorney General Letitia James sued the firm for allegedly defrauding customers. Berke was the chief impeachment counsel in former US President Donald Trump’s Senate impeachment trial.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.


Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screen Shot 2024-05-16 at 14.53.45.png


Loss-versus-rebalancing (LVR) is arguably Ethereum DeFi’s biggest problem, and thus reducing LVR is fundamental to the success of Ethereum. This report dives into the world of LVR. We uncover its importance for AMM designers, discuss the two major mechanism design categories and various projects developing solutions, and offer a higher level perspective on the importance of AMMs in general.


Yesterday saw Congress’ upper chamber side with the House on a measure aimed at overturning SAB 121


Oklahoma’s new crypto bill will go into effect in November of this year


The deposits hit a $20 million cap in just 45 minutes


Twelve Democratic Senators voted in favor to pass the resolution Thursday

article-image is “aware” that bonding curve contracts on were exploited, and has since paused trading


Some investment pros are mulling crypto allocations between 1% and 10% and seeking ex-BTC exposure for interested clients