NFTs | Nov 8, 2023
Image: Unsplash/Catherine Kay GreenupOpenSea, a leading NFT marketplace, has cut its workforce by 50% and is hosting a strategic retreat to refocus on OpenSea 2.0 amidst a significant downturn in the NFT market.
The company, which was once valued at over $13 billion, has laid off approximately 50% of its staff, equating to around 100 individuals. This decision comes as OpenSea prepares to launch its ambitious OpenSea 2.0, a major overhaul aimed at reinvigorating the platform.
See: Ex-OpenSea Manager Convicted in Landmark NFT Insider-Trading Case
The layoffs were communicated abruptly, with some employees reportedly losing access to OpenSea systems and their laptops within an hour of the announcement. This move has sparked a mix of reactions, with CEO Devin Finzer acknowledging the “painful, sad human element of these changes” and accepting responsibility for the layoffs.
Interestingly, the announcement was followed by an almost two-week-long company retreat at a $9 million mansion in West Hollywood, previously owned by celebrities Katy Perry and Russell Brand. This strategic gathering is intended to focus on OpenSea’s new direction, with the remaining staff working on the OpenSea 2.0 vision.
The NFT marketplace has faced a significant downturn, with monthly trading volumes plummeting from approximately $1.2 billion in February 2022 to about $307 million as of October. This decline has been compounded by the rise of competitors like Blur and Magic Eden, which have gained market share and put OpenSea on the defensive.
See: Animoca Brands’ $30M Investment in Hi: NFTs and Web3 Meet Finance With Customized Debit Cards
Despite the market challenges, OpenSea is pushing forward with its reorganization plan. The engineering and product teams will be streamlined, and the company is moving towards “radical transparency,” opening up most channels on Slack to all employees. The goal is to reimagine the OpenSea experience, simplify the platform, and address user issues while delighting end-users with a fresh and innovative approach.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
Related Posts
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://ncfacanada.org/opensea-navigates-rough-seas-lays-off-50-staff/
