Non-fungible Token (NFT) marketplace OpenSea has reduced its employee headcount by 50%.
The news was announced on the X app by Devin Finzer, OpenSea’s co-founder and CEO. The downsizing exercise was necessitated by a major redirection in OpenSea operations. Precisely, Finzer declared that the company was undergoing a major pivot to the new season dubbed “OpenSea 2.0.”
OpenSea Moves on to Advancement
Several middle managerial positions have been jeopardized by the headcount reduction. Consequently, affected employees will receive a four-month severance package amongst other benefits to ensure that their transition is without hassle.
This new foundation is focused on prioritizing product upgrades to technology, reliability, speed, quality and experience. To achieve this, it was necessary for the NFT marketplace to shift to a smaller team with a direct connection to users, per the statement from Finzer.
NFT Marketplace to Restore Lost Glory
This also comes amidst an intense effort by OpenSea to recover some of its market share that had been lost to other NFT marketplaces like Blur.io. Within the last one year, OpenSea’s dominance in the NFT ecosystem has seen a huge drop. In October 2022, the degree of dominance was around 73% but it is currently struggling at 18%.
To boost its presence in the market, a ‘0% fee’ strategy had been adopted by the top marketplace in addition to the launch of OpenSea Pro, rebranded trading tool. Fortunately for OpenSea, the launch of the trading tool caused a significant rally in new and active daily addresses in the market.
OpenSea Aims to Lead Rather Than Follow
Prior to the latest development, many of the community members had expressed their displeasure about how the firm was operated. A significant percentage of these users regarded the marketplace as more of a follower than a leader. It is apparent that the marketplace considered these feedbacks from its esteemed customers and decided to act on them, hence, the advent of OpenSea 2.0.
“And that’s not who we want to be. We want to move with speed, quality, and conviction to make more meaningful bets,” Finzer stated. “We’re making these changes with our community in mind. As we rebuild, we’ll continue supporting our existing products, and will be iteratively testing OpenSea 2.0 in public — remaining nimble, attentive, and focused.”