OpenSea Shifts Focus to Foster OpenSea 2.0, Lays Off Employees

  • OpenSea reduces workforce to shift focus to foster innovative OpenSea 2.0.
  • About 50% of the marketplace’s employees will be eliminated as part of the initiative.
  • The affected staff will be provided four-month severance packages and six-month healthcare packages.

OpenSea, an American Non-Fungible Token (NFT) marketplace, has announced a workforce reduction in an effort to realign its emphasis to develop innovative OpenSea 2.0. OpenSea co-founder and CEO Devin Finzer disclosed the company’s move in an official X post, writing about the shift to “a smaller team with a direct connection to users.”

Nearly half of the company’s staff would be laid off as part of the launch of the marketplace upgrade OpenSea 2.0, which is meant to improve the platform’s core technology, dependability, speed, quality, and experience. The impacted individuals, on the other hand, are assured four-month severance packages, an accelerated stock vesting timetable, and six months of continuous healthcare and mental health assistance.

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In response to community criticism that OpenSea appears to be a follower rather than a leader, OpenSea CEO emphasized that the marketplace intends to become an industry leader.

Finzer highlighted that OpenSea’s continued journey toward an upgraded ecosystem with “speed, quality, and conviction” would take the existing community into account. He went on to say, “As we rebuild, we’ll continue supporting our existing products, and will be iteratively testing OpenSea 2.0 in public — remaining nimble, attentive, and focused.”

Colin Wu, a Chinese crypto reporter, revealed OpenSea’s new focus on innovation, downsizing the workforce, and redirecting to “upgrading product technology, reliability, speed, quality, and user experience” on his official X page Wu Blockchain. The writer also shed light on OpenSea’s market share, which fell to 18% in early November from 73% in October 2022.

According to Nansen’s reports, NFT prices continue to plummet, with floor prices of “blue-chip” collections falling by more than 25% in August. In response to the increasing difficulties in the NFT sector, OpenSea laid off over 20% of its workforce in July. 

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