OpenSea CEO announces half of layoffs

Ethereum’s oldest NFT marketplace is cutting jobs as part of a “2.0 strategy” focused on community, product and reliability.

OpenSea co-founder and CEO Devin Finzer disclosed the layoff plans via a post on X (formerly Twitter) on November 3. Finzer’s post explains that the decision was made out of a rethinking of OpenSea’s “operational culture, products, and technology from the ground up.”

The move is part of “OpenSea 2.0”, where the digital collectibles trading hub will move to expansion Its dominance in the non-fungible token (NFT) market. According to reports, about half of the workforce was affected by the decision.

We will change the way we operate – moving to smaller teams and direct contact with users. Today we say goodbye to some of our OpenSea teammates. This is the most difficult part of this transformation. These individuals have played a key role in getting us to this goal, and I am extremely grateful for their contributions.

Devin Finzer, CEO and founder of OpenSea

Finzer’s speech concluded with a tribute to the departing OpenSea employees. “Others would be lucky to hire them,” the CEO said.

The news comes just hours after OpenSea launched its professional version on the L2 network Polygon and announced support for cross-chain swaps, allowing NFT participants to get a multi-chain experience from a single platform.

The latest news from OpenSea comes after a tumultuous period after former product chief Nathanial Christin was found guilty of insider trading on fraud and money laundering charges.

Roughly two months after OpenSea decommissioned its royalty enforcement system, Bluechip NFT authorities like Bored Ape Yacht Club and creators like Yuga Labs are considering listing their blockchain collectibles on other platforms.

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