NFT Giant OpenSea Adopts New Model with Significant Workforce Reduction

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NFT platform OpenSea has announced a significant workforce reduction. OpenSea CEO Devin Finzer revealed the decision via a thread on Twitter.

Opensea explained that the layoffs are part of the company’s comprehensive reevaluation of its operating culture, product, and technology, all integral components of its newly unveiled “OpenSea 2.0” strategy.

Acknowledging the difficult nature of the decision, Finzer stated that OpenSea would transition to a smaller, more agile team directly connected with its user base. Approximately half of the workforce will be affected by this change.

Despite the challenges, Finzer expressed gratitude for the contributions of the departing employees, noting their crucial role in the company’s journey.

The move towards a leaner team comes in the wake of OpenSea’s efforts to regain its leadership position in the NFT market.

The platform aims to overhaul its product, focusing on improving underlying technology, reliability, speed, quality, and user experience.

OpenSea’s commitment to supporting existing products remains intact, with the company adopting a ‘test and learn’ approach for OpenSea 2.0, emphasizing responsiveness to community feedback.

The announcement follows OpenSea’s recent unveiling of its pro version on the L2 network Polygon, coupled with support for cross-chain swaps.

These developments are part of OpenSea’s ongoing initiatives to enhance user experience and provide a seamless multichain trading platform.

Last year, OpenSea also reduced its workforce by 20%. The decision was made to prepare for a prolonged downturn in the crypto market and ensure the company’s financial stability.

Back then affected employees received a redundancy package, job placement support, healthcare coverage through 2023, and accelerated equity vesting.

This year’s restructuring initiative marks a pivotal moment for OpenSea as it adapts to the evolving NFT landscape. Despite recent challenges, OpenSea remains a prominent player in the market.

At the same time, a recent study by dappGambl revealed in September that up to 95% of NFTs are effectively worthless, with 69,795 out of 73,257 NFT collections having a market cap of zero.

The research highlighted the pitfalls and potential losses in the NFT space, indicating that the market is flooded with speculative pricing strategies, and many sellers are waiting for another massive surge in NFT interest akin to the 2021 boom, which may not occur again.

The study also found that 79% of all NFT collections remain unsold, creating a buyer’s market for new and previously owned assets. 

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