OpenSea Lays Off 20% of Staff

NFT marketplace OpenSea joins prominent crypto companies in cutting staff


Blockworks Exclusive Art by Axel Rangel


key takeaways

  • Devin Finzer says OpenSea will still have five years of runway
  • “The reality is that we have entered an unpreceded combination of crypto winter and broad macroeconomic instability.”

Co-founder and CEO of NFT marketplace OpenSea Devin Finzer announced on Twitter today that the company will be downsizing its staff by 20%.

“Each of the people leaving has played a critical role in OpenSea’s journey,” Finzer wrote. “The reality is that we have entered an unpreceded combination of crypto winter and broad macroeconomic instability, and we need to prepare the company for the possibility of a prolonged downturn.

OpenSea says that it will provide its laid-off employees with “generous severance, healthcare coverage in 2023, and accelerated equity vesting for those who haven’t hit their cliff.” Finzer noted he also plans to help departing staff with their job search through personal networks where possible.

The layoffs will place OpenSea in a position to maintain five years of runway through a crypto winter, according to Finzer. 

“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…Winter is our time to build,” he wrote.

OpenSea joins a slew of prominent crypto companies scaling back headcounts during the bear market. 

The start of June saw crypto exchange Gemini let go of 100 employees — an estimated 10% of its staff — alongside Singaporean-based, which cut 5% of its workforce, a 260 headcount reduction. Weeks later, BlockFi shared the news that it will be slashing staff by 20%, and Coinbase announced it would lay off 18% of its employees. 

There had been indications that the most vulnerable times in crypto were over, earmarked by venture capital firms trickling money back into the space. OpenSea’s layoffs may suggest that the crypto winter is far from over.

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

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

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

Research Report Cover Vertex.jpg


The proliferation of new perp DEXs has led to fragmented liquidity across various DEXs and chains. Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration with the launch of new Edge instances. Vertex's integrated offerings and cross-margined account structure amplify the benefits of new instances: native cross-chain spot trading, optimized cross-chain basis trading, consistent interest rates, reduced bridging friction, and more.


Partnering with EtherFi and Angle, the fully on-chain perp DEX features bespoke collateral



Gavin Wood introduced the next evolutionary step for the Polkadot network: the Join-Accumulate Machine, or JAM


The side events were the places to be at Consensus 2024, according to attendees


Also, who’s come out swinging in the spot ether ETF fee war — and who could undercut them


I know it is not in their nature, but US regulators could learn a lot by researching the digital asset frameworks that overseas regulators have already gotten right


Also, the ETF hype train can count out at least one member