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 Bitcoin.com 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.
Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.