NFT marketplace OpenSea lays off half its staff to focus on "OpenSea 2.0" strategy. CEO Devin Finzer announced on November 3 that the company is downsizing its workforce as part of a plan to focus on community, product, and reliability. The move is part of "OpenSea 2.0," a strategy to expand the company's dominance in the NFT market.
"We're transforming our approach, moving towards a more streamlined team that directly engages with our users. As a result, we are parting ways with several valued members of the OpenSea team. This is undoubtedly the most challenging aspect of our transition. These individuals have been instrumental in bringing us to this stage, and I'm deeply appreciative of their contributions." Devin Finzer, CEO and Founder of OpenSea
OpenSea is undergoing significant transformations as we shift our focus towards the development of the next iteration of our product. Devin Finzer (@dfinzer), in his address, extended his gratitude and well-wishes to the departing OpenSea team members, emphasizing that their talents are highly sought after. This announcement followed shortly after OpenSea's launch of its professional version on the L2 network Polygon and the introduction of cross-chain swap support. These developments empower NFT enthusiasts to access a multi-chain experience through a unified platform.
OpenSea's recent developments come on the heels of a challenging period, marked by the conviction of the former head of product, Nathaniel Christian, on charges of insider trading, fraud, and money laundering. Prominent NFT influencers, such as the Bored Ape Yacht Club, and creators, like Yuga Labs, have contemplated exploring alternative platforms for listing their blockchain collectibles. This consideration arose approximately two months following OpenSea's deactivation of its royalty enforcement system.