OpenSea Initiates Major Layoffs

Ethereum’s most established NFT trading platform is reducing its workforce as it shifts towards a “2.0 strategy” that emphasizes community, product excellence, and dependability.

On November 3, OpenSea’s co-founder and CEO, Devin Finzer, announced layoffs through a series of posts on what used to be known as Twitter. Finzer elaborated that the need for the layoffs stemmed from an extensive reassessment of OpenSea’s fundamental operating principles, product development, and technological infrastructure.

This restructuring is a part of the initiative dubbed “OpenSea 2.0,” marking the marketplace’s ambition to further cement its position in the NFT marketplace. It is reported that the layoffs affected about 50% of the company’s employees.

“We are altering our operational model by transitioning to a leaner team that maintains a close relationship with our user base. As a result, we’re parting ways with several members of our team today. This transition is the most challenging aspect to navigate. The individuals leaving have been pivotal in our journey thus far, and I am deeply grateful for their dedication,” stated Devin Finzer, CEO and founder of OpenSea.

At the conclusion of his remarks, Finzer paid homage to the outgoing staff, suggesting that they would be exceptional hires for other companies.

These announcements occurred shortly after OpenSea introduced its professional-grade version on the Layer 2 network Polygon, alongside the launch of features supporting cross-chain swaps. This development enables users to enjoy a multichain experience through a single platform.

The update comes in the wake of a tumultuous phase for OpenSea, highlighted by the conviction of its former head of product, Nathanial Christain, on charges of insider trading, fraud, and money laundering.

In the wake of OpenSea disabling its royalty enforcement system, prominent figures in the NFT space, such as Bored Ape Yacht Club and creators like Yuga Labs, began contemplating the option to list their digital collectibles on alternative platforms nearly two months ago.

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