50% staff reduction again, OpenSea announced the launch of OpenSea 2.0 with a streamlined team size.

OpenSea Launches OpenSea 2.0 with Streamlined Team Size Following 50% Staff Reduction

OpenSea announced layoffs and will launch OpenSea 2.0 with a smaller team due to the crypto winter. Approximately 50% of employees are affected and will receive severance packages, accelerated equity vesting, as well as healthcare and mental health services. OpenSea is in the process of rebuilding and will continue to support existing products while openly iterating on OpenSea 2.0. They have listed 12 vacant positions on LinkedIn.

Source: cointelegraph

Author: DEREK ANDERSEN

Translation: Yvonne, MarsBit

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On November 3rd, NFT platform OpenSea announced layoffs. Co-founder and CEO Devin Finzer shared the news on Twitter, stating that the company will launch OpenSea 2.0 with a smaller team.

OpenSea was launched in 2017 when NFTs were still an innovation. Its operating model is similar to eBay and Etsy, accepting ETH as payment. According to reports, the company attributed the layoffs to the crypto winter and reduced its workforce by 20% in July 2022. The spokesperson of the company told Cointelegraph via email:

“Today, we are undergoing significant organizational and operational changes as we focus on building a more nimble and better version of OpenSea. We appreciate the contributions of the employees who will be leaving OpenSea and will provide them with comprehensive support, including financial and non-financial assistance.”

The spokesperson added that approximately 50% of employees will be affected across all functional departments, with a particular mention of a reduction in middle management positions. These employees will receive four months of severance pay, accelerated equity vesting, and six months of healthcare and mental health services.

The NFT market reached its peak in 2021. Since then, use cases such as tokenization of assets, identities, and legal documents have gained popularity as the value of many collectibles declined.

In August, OpenSea faced strong community opposition when it announced the suspension of creator-operated filters. These filters allowed creators to blacklist marketplaces that did not enforce royalties. As a response, the creators of popular NFT collections, such as Bored Ape Yacht Club and CryptoPunks by Yuga Labs, started reducing their usage of OpenSea’s Seaport marketplace smart contract.

Finzer stated in his tweet, “During the rebuilding process, we will continue to support existing products and openly iterate on OpenSea 2.0.” The company currently has 12 vacant positions listed on LinkedIn, with salaries ranging from $90,000 to $270,000.

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