The world’s largest non-fungible token (NFT) marketplace, OpenSea, has announced plans to downsize. In a November 3 post, the OpenSea team announced that 50% of its employees will leave office.
The announcement revealed that OpenSea will join other crypto firms in axing the employees to launch OpenSea version 2.0. In a subsequent post, the chief executive of OpenSea, Devin Finzer, updated the X community plans to cut off its staff count.
OpenSea Axing 50% of its Staff
The CEO confessed that the headcount reduction emanated from the market uncertainty that forced OpenSea to devise strategies to upgrade its product offering. The executive stated that the company plans to launch “OpenSea 2.0,” which will be operated by a small team.
Finzer argued that the OpenSea 2.0 team will invest heavily in product development to improve the speed, reliability, and quality of the end product. Beyond this, the CEO stated that the long-awaited “OpenSea 2.0” will focus on improving the customers experience.
The OpenSea boss confirmed that the impending restructuring will support the development of the existing products. Finzer added that the layoffs mark a significant milestone for OpenSea to undergo important organizational and operational changes.
The executive confirmed that the NFT marketplace seeks to create a better version of OpenSea. Even though the departure of employees exposes OpenSea to multiple career gaps, the CEO recognized the exemplary work done by the team.
Significance of OpenSea 2.0
He admitted that the dismissed team had supported OpenSea to attain the desired level of success. A review of the November 3 post revealed that 50% of the OpenSea workforce from different departments will be leaving office.
The CEO regretted that the impending layoff would affect the OpenSea core team, including the middle manager. OpenSea has replicated its July 2022 strategic action to cut off the core players. At that time, the NFT marketplace blamed the unprecedented crypto market and economic downturn that forced OpenSea to dismiss 230 employees.
In light of the November 3 announcement, the CEO stated that despite the layoff, the OpenSea team will provide financial and non-financial support to the dismissed employees. The executive stated that the laid-aside employees will receive a complete severance package for four months.
The OpenSea vowed to settle healthcare coverage for six months to the affected staff. Interestingly, the lays portrays that OpenSea primary focus was to upgrade its product line. In readiness to launch OpenSea 2.0, the New York-based NFT marketplace have attempted to expand its revenue streams.
OpenSea Pledges to Invest in Product Development
At the beginning of this year, OpenSea generated $300 million in a Series C funding round led by fast-paced investment companies, including Coatue Management and Paradigm.
The funding round ballooned OpenSea’s valuation to reach $13.3 billion. The OpenSea team confirmed that the $300M investment will be redirected towards product development.
Also, the OpenSea team announced plans to acquire new talents and strengthen the support team to accelerate the development of the NFT and Web3 sectors. The successful funding round aligned with the OpenSea mission statement of “opening thriving digital economies.”
To attain the desired goals, OpenSea revealed plans to eliminate all barriers to entry in the NFT sector. This development will be achieved by investing heavily in improving the NFT ecosystem and building a resilient community.