NFT Marketplace OpenSea Cuts Staff.

OpenSea, a leading NFT marketplace, has announced a reduction in its workforce. This decision comes amidst industry changes and market dynamics impacting the company's operations.

NFT Marketplace OpenSea Cuts Staff.

NFT marketplace has confirmed that Opensea Cuts staff as the company looks to streamline operations and focus on its next-generation platform. The move comes as OpenSea aims to regain its position as a leader in the NFT market, following criticisms that it has been trailing behind competitors.

In a statement, OpenSea’s CEO Devin Finzer explained that the layoffs are part of the company’s efforts to build a more agile and innovative version of the marketplace, known as “OpenSea 2.0.” Finzer acknowledged that OpenSea had received feedback suggesting it has been more of a follower than a leader in the industry and emphasized the need to make more meaningful bets with speed and conviction.

OpenSea, valued at $13.3 billion earlier this year, was the largest marketplace during the NFT boom. However, the market began to slow down in mid-2022, and OpenSea faced criticism for considering changes to its royalties policy. The company decided to keep the policy the same, but it has since fallen behind rival marketplace Blur regarding NFT trading volume.

Despite this, OpenSea still boasts the highest number of traders, with over 32,000 unique wallets compared to Blur’s tally. However, Blur has captured a significant market share, accounting for around 70% of total NFT sales in the past week.

OpenSea previously laid off 20% of its staff in July 2022 due to market conditions, and the recent round of layoffs is part of the company’s ongoing restructuring efforts. Employees affected by the layoffs will receive severance pay, healthcare and mental health services, and an accelerated timetable for equity vesting.

The NFT market has experienced ups and downs over the past year, and OpenSea’s latest moves reflect its determination to adapt and regain its position as a leader in the space. The company is betting that its streamlined team and focus on building a next-generation platform will enable it to deliver better experiences for the community and keep pace with the rapidly evolving industry.

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