Life after crypto biz: Retrenched staff ponder future in the job market

cointelegraph.com:

Bleak market prospects continue to afflict the cryptocurrency ecosystem as prominent firms face the tough reality of reducing their workforce to ensure their long-term viability. 

Nonfungible token (NFT) marketplace OpenSea has established itself as an industry leader in its category. Still, its own success has not been enough to weather the potential length of the so-called crypto-winter.

The company announced that it would reduce its employee numbers by 20% in July to ensure the long-term viability of the business. OpenSea co-founder Devin Finzer shared a Slack message sent to the company outlining the reasoning for the retrenchment move on Twitter on July 14:

Today is a hard day for OpenSea, as we’re letting go of ~20% of our team. Here’s the note I shared with our team earlier this morning: pic.twitter.com/E5k6gIegH7

Finzer promised to give outgoing staff a ‘generous’ severance package and healthcare coverage into 2023, as well as accelerate equity vesting periods for employees eligible.

The co-founder noted that despite having built a strong balance sheet through fundraising and a proven ‘product-market fit,’ OpenSea had to reduce its workforce to ensure a financial runway for a five-year crypto winter scenario.

Related: Crypto exchange Coinbase slashes staff by 18% amid bear market

A handful of OpenSea employees took to social media platforms with posts indicating their severance from the company. One employee was ‘shocked and still processing’ the news while taking a positive attitude:

I was apart of the layoffs.I’m shocked and still processing tbh. Can’t take it personal. Must move forward and keep building.Thanks @opensea for the opportunity https://t.co/e4WseqeavR

Kristyana Kern, a recruiter working for OpenSea,