OpenSea Trims Workforce in Preparation for Launch of OpenSea 2.0 Amid Operational Overhaul
Summary:
OpenSea, a marketplace for non-fungible tokens (NFT), is reducing its workforce as it plans to launch OpenSea 2.0. This decision comes as significant operational changes are being made to optimize the platform's effectiveness. Approximately half the current employees, particularly middle management, are expected to be impacted. The company has promised a comprehensive support package for departing employees. This major workforce restructuring follows OpenSea's decision to remove its operator filter, which led to marked community backlash.
OpenSea, the marketplace for non-fungible tokens (NFTs), revealed on November 3 that it'll be parting ways with several of its staff members. The announcement was made by co-founder and chief executive, Devin Finzer, on the social media platform X, previously known as Twitter. He mentioned that a leaner workforce will partake in the launch of OpenSea 2.0.
Established in 2017 amidst the dawn of NFTs, OpenSea operates with a business model akin to those of eBay and Etsy, allowing transactions to be processed in Ether (ETH). In July 2022, the company let go of 20% of its total workforce due to the crypto freeze, leaving behind a team of 230 members, as mentioned in various media sources then.
A representative from OpenSea shared with Cointelegraph via email that the company is on the verge of implementing considerable changes in its operations and structure for the betterment of the platform. The company expressed gratitude for the work done by the departing employees and mentioned extending to them a comprehensive support package including both financial and non-financial benefits. Roughly half of the current employees, particularly middle management, will be impacted by these changes. The departing employees will be offered severance packages that cover four months with accelerated equity vesting, and continued health benefits for six months.
The market for NFT collectors experienced a high in 2021. Since then, practices like tokenizing assets and verifying identity and legal documents have gathered momentum, even as the value of several collectibles dropped.
OpenSea's decision to remove its operator filter in August encountered substantial resistance from the community. This tool enabled creators to boycott marketplaces that chose to disregard royalties. Consequently, Yuga Labs, the creator behind successful NFT series like Bored Ape Yacht Club and CryptoPunks, started limiting its use of OpenSea's smart contract termed 'Seaport marketplace'.
CEO Devin Finzer stated in his social media post that, "As we reconstruct, we will preserve support for our existing products while gradually rolling out OpenSea 2.0 to the public". In its pursuit of expansion, the company posted 12 job openings on LinkedIn with initial salary prospects ranging between $90,000 and $270,000.
Published At
11/3/2023 9:36:00 PM
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