OpenSea lays off 50% of its workforce

OpenSea lays off 50% of its workforce

OpenSea, the leading marketplace for NFTs, has dramatically reduced its staff. CEO Devin Finzer announced on Friday the tough decision to lay off 50% of the company’s employees through a tweet. This drastic move highlights the ongoing challenges within the NFT space as floor prices of digital art collectibles continue on a downward trajectory.

Preparing OpenSea 2.0

The significant staff reduction was announced in a tweet by the CEO, Devin Finzer.

The layoff is a preparation for the launch of their new iteration, OpenSea 2.0. Specifics of the new platform, including release date, features, and impact on the market, are still under wraps.

However, one thing is known: the new platform is arriving during difficult times. Not only is the NFT market witnessing a persistent slump, but OpenSea has failed to repair its public image after it decided to stop supporting artist royalties.

CEO weighs in

Finzer addressed the restructuring on Twitter (X), emphasizing the company’s strategy to streamline operations. The CEO hinted at a shift towards a leaner structure that promises a closer connection with its user base:

“We’re building a new foundation so we can innovate faster and we’ll have some experiences to share with you soon,”

Previous restructuring

A previous round of job cuts in July 2022 saw the platform’s workforce dwindle by roughly 20%, leaving it with 230 employees, according to The Information. The exact number of employees before the current layoffs has not been disclosed, further shrouding the company’s situation in uncertainty.

As the leading NFT platform navigates these choppy waters, the industry is keenly observing how the largest NFT marketplace will adjust its sails. The anticipation for the OpenSea 2.0 release is tinged with the anxiety of an uncertain future, leaving stakeholders and enthusiasts watching for the next wave in the volatile sea of NFTs.

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