OpenSea, a pioneering NFT marketplace, is laying off approximately 50% of its staff as it prepares for the launch of OPENSEA 2.0.
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OpenSea is making some big changes today to focus on the next version of our product.
— Devin Finzer (dfinzer.eth) (@dfinzer) November 3, 2023
Second Layoff for OpenSea
This is the second time OpenSea has conducted layoffs, with the first occurring in July 2022 during the crypto winter. The recent layoffs will impact employees across all functions, with a particular reduction in middle management positions.
Severance Packages Offered
Affected employees will receive four-month severance packages, accelerated equity vesting, and six months of continued healthcare and mental health care.
Evolution of the NFT Market
OpenSea's decision to restructure comes as the NFT market evolves beyond collectibles into tokenizing assets, identity, and legal documents, while the value of many collectibles has declined.
Community Backlash
OpenSea faced backlash from its community when it retired the operator filter feature, which allowed creators to blacklist marketplaces that didn't enforce royalties. Yuga Labs, the creator of Bored Ape Yacht Club and CryptoPunks, reduced its use of OpenSea in response.
