NFT marketplace OpenSea cuts 50% of jobs amid restructure

• Opensea CEO Devin Finzer mentioned the agency took the choice because it was creating a brand new basis for OpenSea 2.0.
• 95% of NFTs don’t have any worth in any respect, as per a current report on the state of NFTs.

Widespread non-fungible token (NFT) market OpenSea has determined to fireplace half of its employees, co-founder and CEO Devin Finzer knowledgeable on X.

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We’re constructing a brand new basis so we will innovate quicker and we’ll have some experiences to share with you quickly. We are going to change how we function – shifting to a smaller group with a direct connection to customers.

So as we speak, we’re saying goodbye to various OpenSea teammates.

— Devin Finzer (dfinzer.eth) (@dfinzer) November 3, 2023

Finzer mentioned the agency was creating a brand new basis for OpenSea 2.0, resulting in the choice to put off its staff. He added,

“We’ve additionally heard your suggestions loud and clear: at occasions, OpenSea appears like a follower, not a frontrunner. And that’s not who we wish to be.”

The affected staff will obtain 4 months of severance amongst different advantages. The brand new group shall be flatter, with fewer center managers.

OpenSea had earlier fired 20% of its employees in July 2022, citing crypto winter.

Throughout the NFT market increase throughout 2021 and 2022, OpenSea was the most important NFT market. August 2021 noticed $2.8 billion in month-to-month buying and selling quantity.

Nevertheless, the NFT market started dropping steam in mid-2022 alongside falling cryptocurrency costs.

Following different NFT marketplaces, OpenSea additionally thought of taking off creator royalties. However the directive backfired as a lot of artists protested the transfer.

NFT market slumps

DappGambl lately published a report on the state of NFTs in September. The report discovered that as many as 95% of NFTs (owned by greater than 23 million buyers) don’t have any worth in any respect.

Supply: DappGambl

Excessive-value NFT property are very uncommon. Lower than 1% of NFTs have a price ticket of over $6,000.

79% of all NFT collections have remained unsold.

NFTs as soon as captured the collective creativeness worldwide with a number of information reviews of million-dollar offers for gross sales of sure NFT collectibles. Folks have been enthusiastic about this asset class. However the state of affairs is stark now.

The report provides,

“This highlights the extremely high-risk nature of the NFT market and underscores the necessity for cautious due diligence earlier than making any purchases, particularly ones of high-value.”