NFT Marketplace OpenSea Fires 50% of Its Staff

In a new stage of its development, the formerly largest NFT marketplace will operate with a reduced team that has a direct link to users, as stated by the CEO.

OpenSea, the leading marketplace for non-fungible tokens, announced a workforce reduction last Friday. CEO and co-founder Devin Finzer shared the news on Twitter, outlining plans for OpenSea 2.0 with a smaller team. This upgraded platform enables trading and collecting NFT collections like Bored Apes.

OpenSea’s Transition to Upgraded Version

The exchange’s significant enhancements will prioritize technology, dependability, speed, and user experience. The transition to this new vision is driven by community benefit and other strategic initiatives.

Additionally, a representative from the company verified that around half of the employees were affected throughout the organization. These employees will be given a severance package, including four months of compensation, among other perks.


Restructuring Plan

The latest structure will be more streamlined, with a reduced number of middle managers. OpenSea had previously laid off 20% of its workforce in July 2022 due to the cryptocurrency market slowdown. At that time, the company had 230 employees, as reported in various sources.

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OpenSea was established in 2017 during the initial surge of NFTs as a revolutionary concept. The peak of the market for collectible NFTs was in 2021, leading to a shift towards other applications such as asset tokenization identity verification. This change occurred as the value of many collectibles diminished.

In August, OpenSea faced significant criticism from the community when it announced the removal of its operator filter feature. This feature authorized creators to block marketplaces that didn’t enforce royalty payments. In response, Yuga Labs, the creators of trending NFT series like CryptoPunks, lowered their dependency on OpenSea.

NFT Fever Cools: Market Takes a Dip

DappGambl recently released a September report on the NFT market. According to the report, a staggering 95% of NFTs, owned by over 23 million investors, hold no value. High-value NFT commodities are exceptionally rare, with less than 1% having a price tag exceeding $6,000.

Additionally, a significant 79% of all NFT collections have failed to find buyers. NFTs were once the centre of global attention, frequently making headlines with million-dollar transactions for specific collectibles. However, the current scenario is dreadful.

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An NFT, or Non-Fungible Token, stands as a digital asset that verifies ownership items through blockchain technology. NFTs have garnered substantial interest in recent times, enabling individuals to purchase, sell, and exchange ownership of diverse digital or physical items, including digital artworks.

Each NFT is unique and cannot be directly swapped with another NFT due to its distinct characteristics. Typically, NFTs are stored on a blockchain, ensuring a transparent and safe method for validating ownership and origin.

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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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