Despite a decline in market share, OpenSea eliminates half of its workforce in an effort to innovate and improve.
In order to construct a new future, OpenSea, a prominent NFT marketplace, is laying off half of its staff. The company’s CEO, Devin Finzer, said they need a smaller crew to better service consumers and rebuild.
As part of the transition to “OpenSea 2.0,” which aims to enhance the platform’s technology and user experience, the team size has been reduced. This is in response to claims that OpenSea has slowed down on innovation.
Despite the layoffs, OpenSea promises to keep working toward improved agility and performance by expanding public participation in testing of service upgrades.
Workers will get four months of severance compensation and other assistance. Some upper-level managerial roles will be cut as the corporation streamlines its organizational structure.
OpenSea is reevaluating its tactics after seeing its market share fall from 73% to 18% in only one year due to competition from companies like Blur(.)io.
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