OpenSea cuts 50% of its workforce and prepares to launch version 2.0

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Non-fungible token (NFT) market OpenSea announced on November 3 that it would lay off employees.Co-Founder and CEO Devin Fenzer notify on X (formerly Twitter) said it is rolling out OpenSea 2.0 with a smaller team.

Today, we are making important organizational and operational changes focused on building a more agile and ultimately better version of OpenSea. We are very grateful for the contribution of those leaving OpenSea and we will support them with a strong package including financial and non-financial support.

The spokesman added that around 50% of employees across all departments would be affected, specifically mentioning that the number of middle managers would be reduced. Employees will receive four months of severance, accelerated equity financing and six months of ongoing health and mental health services.

The collectible NFT market reached its peak in 2021. Since then, as many collectibles have declined in value, use cases such as tokenizing assets, identities, and legal documents have grown in popularity.

OpenSea faced outcry from the community when it announced in August that it would stop using carrier filtering, a feature that allows creators to blacklist fake marketplaces. Royalty Examination. In response, Yuga Labs, the creators of the popular Bored Ape Yacht Club and CryptoPunks NFTs, has begun phasing out use of OpenSea’s Seaport marketplace smart contracts.

Finzer said in his X post: “As we rebuild, we will continue to support existing products and will publicly iteratively test OpenSea 2.0.” The company is currently recruitment 12 LinkedIn jobs with starting salaries ranging from $90,000 to $270,000.

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