OpenSea Sacks Half Its Staff Amid Major Changes
OpenSea cuts half its team to innovate and improve, despite a dip in market share.
OpenSea, a leading NFT marketplace, is cutting 50% of its employees to shape a new future. The company's CEO, Devin Finzer, announced they need a smaller team to better serve users and rebuild.
The team reduction is part of a shift toward "OpenSea 2.0," aimed at improving the platform's technology and user experience. This comes after criticism that OpenSea wasfalling behind as an innovator.
Despite the downsizing, OpenSea pledges to keep improving its services and involve the public in testing new updates, striving for agility and better performance.
Affected staff will get four months of severance pay and additional support. The company structure will be simplified to eliminate some management positions.
OpenSea is adjusting strategies to reclaim its position in the market, where it has lost a significant share to competitors like Blur(.)io, with its market share dropping from 73% to 18% within a year.
