OpenSea Shifts Focus to Foster OpenSea 2.0, Lays Off Employees
Latest News News

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.

Read Also: Solana Drops 5% as FTX-Linked Address Moves SOL to Kraken, Binance

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. 

Disclaimer: The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.