Devin Finzer, co-founder and CEO of OpenSea NFT marketplace, announced the company was letting go of up to 20% of its workforce on Twitter on Thursday afternoon.
Finzer attributed the layoffs on "an unprecedented mix of crypto winter and broad macroeconomic volatility" in a lengthy memo distributed to workers.
The layoffs highlight the catastrophic status of the cryptocurrency industry, which has seen a value loss of more than two-thirds from its peak during the past year.
The sharp conclusion that no company is exempt from the downdraft of the so-called crypto winter is provided by the news that OpenSea, the largest NFT market in the world by volume, was slashing employment.
In recent months, mass layoffs at crypto businesses have become the norm, with organizations like Gemini, Crypto.com, BlockFi, and Coinbase eliminating hundreds of workers. One estimate states that 1,700 payrolls were cut by crypto firms in just June.
Having said that, not every business in the sector is laying off employees. Exchange behemoths Binance, Kraken, and FTX have all confirmed that they would be hiring more people in the near future.