OpenSea Cuts Jobs by 50% to Refocus on “OpenSea 2.0” NFT Marketplace

Published: Nov 3, 2023
Written By:
Vignesh Karunanidhi
Milk Road Writer

OpenSea, the largest NFT marketplace, revealed significant company changes, including layoffs and a product revamp dubbed “OpenSea 2.0.”

In a nine-part Twitter thread, CEO Devin Finzer announced they are rebuilding OpenSea’s culture, products, and technology from scratch.

While proud of OpenSea’s NFT industry contributions, Finzer admitted the platform feels like a “follower, not a leader” currently.

The new OpenSea 2.0 initiative aims to upgrade reliability, speed, quality, and the overall user experience. Finzer promised new features and changes coming soon.

OpenSea announces 2.0, a big leap amidst layoffs

To execute this vision, OpenSea is shifting to a smaller core team with closer user contact. This necessitated letting go of numerous employees across the company.

“We will change how we operate, shifting to a smaller team with a direct connection to users.” So today, we’re saying goodbye to a number of OpenSea teammates.”

Finzer said.

Finzer described the layoffs as difficult but necessary to change how the marketplace operates. He praised those impacted by the decision and said their departure doesn’t reflect on them. A company spokesperson informed Decrypt that roughly 50% of the company’s employees were affected.

Despite the overhaul, the CEO stressed that OpenSea will keep supporting its current marketplace and products. Finzer reiterated that the marketplace will stay attentive and nimble during the transition while delivering for its community.

Concluding his tweet, Finzer highlighted that these sorts of changes are never easy. He also showered his gratitude on the teammates who are stepping down from the NFT marketplace.

As the NFT market matures, OpenSea faces growing competition from newer marketplaces also offering lower fees and free minting. The announcement from Finzer comes at a time when the NFT market is not in its best shape.

NFTs boomed in 2021, with celebrities and several artists jumping on the bandwagon. However, the catastrophic events in 2022 and the prolonged bear market evidently affected the NFT realm.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 5 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.