According to a report by Cointelegraph, this is the second round of layoffs for the NFT market pioneer following the crypto winter and NFT bear market. OpenSea laid off 20% of its employees in July 2022, leaving the company with a staff of 230. A spokesperson for OpenSea stated that approximately half of the employees were affected, with a particular mention of a reduction in the number of mid-level managers. The affected employees will receive four months of severance pay, accelerated equity vesting, and six months of continued medical and mental health care.
OpenSea responds to NFT bear market with 50% staff reduction, "OpenSea 2.0" set to launch soon.