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ethereum‘s oldest nft marketplace is reducing its workforce as part of a “2.0 strategy” focused on community, product and reliability.
Devin Finzer, co-founder and CEO of OpenSea, revealed job cuts on November 3 via a thread on X, formerly Twitter. Finzer’s post explained that the decision was necessitated by a rethinking of OpenSea’s “operational culture, product and technology from the ground up.”
The move is part of “OpenSea 2.0” as the digital collectibles trading hub moves to expand its dominance within the non-fungible token (nft) market. Around half of the workforce was reportedly affected by the decision.
We will change the way we operate: we will move to a smaller team with a direct connection to users. So today we say goodbye to several OpenSea teammates. This is the hardest part of this change. These people played a key role in getting us to this point and I am incredibly grateful for their contributions.
Devin Finzer, CEO and founder of OpenSea
Finzer’s speech ended with greetings to deceased OpenSea staff. “Others would be lucky to get hired.” said the CEO.
The news came hours after OpenSea unveiled its pro version on the L2 Polygon network and announced support for cross-chain exchanges, allowing nft participants to leverage a multi-chain experience from a single platform.
OpenSea’s upgrades follow a turbulent period after former chief product officer Nathanial Christain was found guilty of insider trading on fraud and money laundering charges.
Bluechip nft authorities like Bored Ape Yacht Club and creators like Yuga Labs considered listing their blockchain collection on other platforms about two months after OpenSea disabled its royalty enforcement system.
