NFT Giant Opensea Lays Off an Unknown Amount of Workers

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Last Updated on November 9, 2023 by Bitfinsider

As part of a rebuilding effort, Opensea, one of the biggest non-fungible token (NFT) marketplaces, recently let go of a few long-term staff members. The goal of the exercise, according to Opensea CEO and co-founder Devin Finzer, is to have “a smaller team with a direct connection to users.” Although the departure is the “most difficult part of this change,” according to Finzer, Opensea can develop more quickly because of the basis it is building.

Finzer’s affirmation of the layoffs comes as the excitement surrounding NFT is starting to fade. October saw a 21% decrease in NFT sales, which have been declining since February 2023, according to a new report from News. One of Opensea’s largest investors, Coatue, has reduced its investment by 90% in response to the declining NFT sales.

In an X (formerly Twitter) statement, the CEO seemed to downplay worries that Opensea’s sales revenue would continue to decline.

Our community is the reason behind these adjustments that we are implementing. We’ll keep maintaining support for our current products and iteratively testing Opensea 2.0 in public while rebuilding, Finzer added. We’ll also be focused, nimble, and attentive.

The CEO went on to say that his company is currently attempting to “re-orient the team around” the improved product.

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