OpenSea Lays Off 20% of its Staff, LooksRare to the Rescue

Departing staff will receive generous compensations such as healthcare coverage until 2023 by OpenSea. At the same time, OpenSea's competitor LooksRare offers an olive branch to those who are affected.

Jul 15, 2022
by Akira Ming
OpenSea Lays Off 20% of its Staff, LooksRare to the Rescue
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OpenSea cut 20% of its workforce

Devin Finzer, the co-founder and CEO of OpenSea announced on Twitter yesterday that the company is slashing 20% of its workforce. Citing crypto winter and broad macroeconomic instability as the reason, the giant NFT platform is also preparing for a prolonged downturn in the coming months. 

“The folks leaving us are smart, hardworking, mission-driven individuals who’ve played an immeasurable role in growing OpenSea and the NFT space to where we are today,” Finzer wrote. “We will miss them and they will forever be part of our story and community.”

Given that, OpenSea will provide its departing staff with “generous severance, healthcare coverage in 2023, and accelerated equity vesting for those who haven’t hit their cliff.” What's more, Finzer and his team will also open up their personal networks to help laid-off employees with their job search. 

Even with a muddy outlook, Finzer said difficult changes like this will put OpenSea in a position to maintain 5 years of runway under various crypto winter scenarios. 

Luckily, LooksRare is hiring

Not all hope is lost though. On the same day itself, LooksRare announced on Twitter that it is hiring instead. Frontend Engineers, Backend Engineers (API/Indexer), Blockchain Engineers (Solidity), API Support Engineers, and UI Designers are some of the full-time remote roles available. Those who are interested can check out the details on LooksRare's official webpage.

However, it's almost always a difficult period for anyone in Web3 when it comes to crypto winter. Last month, crypto platforms like Gemini, Crypto.com, BlockFi, and Coinbase shared the same fate. Each of them had to cut down their workforce to some extent. As for GameFi projects, many are feeling the heat as well. For instance, Galaxy Fight Club had to postpone its P2E game launch to August, no thanks to weak market sentiments. 

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