50% Staff Reductions at OpenSea as NFT Interest Wanes

OpenSea, a leading NFT marketplace known for facilitating the trade of digital collectibles like Bored Apes and Pudgy Penguins, has significantly downsized its workforce. CEO Devin Finzer announced on Friday that the company had to make the difficult decision to reduce its staff by half due to the continued slump in the NFT market.

The announcement comes as OpenSea gears up for the launch of its updated platform, OpenSea 2.0, despite a backdrop of declining floor prices for digital art collectibles. This major workforce reduction reflects the broader market’s downturn and the company’s need to streamline operations.

Finzer conveyed his strategy for moving forward in a message on X, the social platform formerly known as Twitter. He emphasized the goal to “innovate faster” and promised forthcoming user experiences. The new approach will see a leaner team taking charge, focusing closely on user needs and connections.

Before this current downsizing, OpenSea had already reduced its employee count by 20% in July 2022, as reported by The Information, leaving them with 230 workers. The exact number of staff members prior to this latest cut has not been disclosed.

Details on what OpenSea 2.0 will entail and when it will be released remain under wraps. Finzer has not yet revealed specific information on new features or services the revamped marketplace will offer.