OpenSea lays off 50% of staff with severance in preparation for version 2.0 launch

Nonfungible token (NFT) marketplace OpenSea announced on Nov. 3 that it was laying off employees. Co-founder and CEO Devin Finzer broke the news on X (formerly Twitter), saying the company was launching OpenSea 2.0 with a smaller team.

OpenSea launched in 2017, when NFTs were an innovation. It operates on a model comparable to eBay and Etsy and accepts payment in Ether (ETH). It laid off 20% of its employees in July 2022, citing the crypto winter, after which it had a staff of 230, according to press reports at the time. A spokesperson at the pioneering marketplace told Cointelegraph by email:

How To Get Free Crypto  

“Today, we are making significant organizational and operating changes as we focus on building a more nimble – and ultimately better – version of OpenSea. We are immensely grateful for the contributions of those who are leaving OpenSea, and we are supporting them with a robust package consisting of both financial and non-financial support.”

The spokesperson added that around 50% of employees would be affected across all functions and particularly mentioned that the number of middle managers would be reduced. The employees would receive four-month severance packages, accelerated equity vesting and six months of continued healthcare and mental health care.

Related: Donald Trump NFT prices spike following release of mugshot in Georgia criminal case

The market for collectible NFTs peaked in 2021. Since then, use cases such as tokenizing assets, identity and legal documents have gained popularity as the value of many collectibles declined.

OpenSea faced significant community pushback in August when it announced that it was retiring its operator filter, a feature that allowed creators to blacklist marketplaces that did not enforce royalties. Yuga Labs, creator of the popular Bored Ape Yacht Club and CryptoPunks NFT series, began to taper off its use of OpenSea’s Seaport marketplace smart contract in response.

“As we rebuild, we’ll continue supporting our existing products, and will be iteratively testing OpenSea 2.0 in public,” Finzer said in his X post. The company currently lists 12 open positions on LinkedIn with starting salaries ranging from $90,000 to $270,000.

Coinbase Banner  

Magazine: Animoca Brands doubles valuation to $5B, OpenSea tops $3.5B in January volume, Microsoft eyes Metaverse gaming: Hodler’s Digest, Jan. 16-22

Go to Source
Author: Derek Andersen

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.