– NFT marketplace OpenSea is letting go of half of its employees
– OpenSea is creating a new foundation to foster innovation
– The firm is shifting to a smaller team with a direct connection to users
– The move is part of the push towards OpenSea 2.0, focusing on product upgrades
– OpenSea wants to be a leader, not a follower in the industry
– Affected employees will receive four months of severance and other benefits
– OpenSea has lost market share to other NFT platforms
– OpenSea’s market share has fallen from over 73% to 18% as of Nov. 3
– This information is provided for informational purposes only and not as advice.
NFT marketplace OpenSea is letting go of half of its employees as it undergoes a major redirection. The company’s co-founder and CEO, Devin Finzer, stated that the move is part of their plan to create a new foundation for fostering innovation and to shift to a smaller team with a direct connection to users. OpenSea is aiming for “OpenSea 2.0,” which focuses on upgrading their technology, reliability, speed, quality, and user experience. The decision to downsize is also a response to user feedback that the company felt like more of a follower rather than a leader. The affected employees will receive four months of severance and other benefits, and the new organization will have fewer middle managers. OpenSea has been trying to regain market share lost to competitors like Blur.io, with its NFT marketplace volume falling from over 73% in October 2022 to 18% as of November 3, 2023.
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