NFT Giant Open sea Retrenches an Unknown Number of Employees Opensea, one of the largest non-fungible token (NFT) marketplaces, recently parted ways with some of its long-serving employees as part of a rebuilding exercise. According to
Devin Finzer, the
co-founder and CEO of Opensea, the objective of the exercise is to have
“a smaller team with a direct connection to users.” Finzer said while the departure is the
“most difficult part of this change,” taking this step helps Opensea build a foundation which enables it to innovate faster.
Finzer’s confirmation of the workers’ retrenchment is coming at a time when the NFT hype continues to fizzle out. The NFT sales, which have been trending downwards since
February 2023, went
down by 21% in October. The flagging NFT sales have seen one of Opensea’s biggest investors
Coatue mark down its investment by 90%. “We’re making these changes with our community in mind. As we rebuild, we’ll continue supporting our existing products, and will be iteratively testing Opensea 2.0 in public — remaining nimble, attentive, and focused,” Finzer said.
The CEO added that his organization
is now working on “re-orienting the team around” the upgraded product.
