On November 3, 2023, the nonfungible token (NFT) marketplace OpenSea made a significant announcement, revealing its decision to undergo a restructuring that involved laying off employees.
Devin Finzer, the co-founder and CEO, shared this news on X (formerly Twitter) and explained that the company was embarking on the journey of OpenSea 2.0 with a more streamlined team.
OpenSea originally emerged in 2017, a time when NFTs were still an emerging innovation. Functioning on a business model reminiscent of platforms like eBay and Etsy, OpenSea conducted transactions primarily in Ether (ETH).
Notably, this move followed a previous round of layoffs in July 2022, when OpenSea had cited the challenges of the crypto winter, resulting in a reduction of their workforce from 230 employees.
A spokesperson from OpenSea conveyed their gratitude for the contributions of departing employees and disclosed that the company was committed to offering comprehensive support, including financial and non-financial assistance.
This restructuring would have an impact across all functions of the organization, affecting approximately 50% of its workforce. Of note, the spokesperson emphasized that there would be a reduction in the number of middle managers.
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Departing employees would receive four-month severance packages, accelerated equity vesting, and six months of continued healthcare and mental healthcare support.
The NFT market landscape has evolved significantly since its peak in 2021.
While collectible NFTs once dominated, new use cases such as tokenizing assets, managing identity, and storing legal documents have gained popularity, partly due to the decline in the value of many collectibles.
To navigate these changes and maintain its leading position, OpenSea is contemplating a strategic shift toward becoming a Decentralized Autonomous Organization (DAO) and issuing a governance token to its users, a move that could potentially be valued in the tens of billions.
Despite facing community backlash in August due to the retirement of its operator filter, OpenSea remains committed to its existing products while actively testing OpenSea 2.0 in the public domain.
The company is also actively hiring, with 12 open positions listed on LinkedIn, offering competitive starting salaries ranging from $90,000 to $270,000.
As OpenSea embarks on this new chapter, it aims to adapt to the evolving NFT landscape and continue serving its user base effectively.
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