NFT Marketplace OpenSea Restructures and Lets Go of Half its Employees
The popular NFT marketplace OpenSea is undergoing a major restructuring, resulting in the departure of half of its employees. OpenSea co-founder and CEO Devin Finzer announced on Twitter that the company is creating a new foundation to drive innovation. This shift requires a smaller team that has a direct connection to users.
Moving Towards OpenSea 2.0
The decision to downsize is part of OpenSea’s strategy to focus on product upgrades and enhance technology, reliability, speed, quality, and user experience. Finzer explained that the move was prompted by feedback from users who felt that OpenSea was more of a follower than a leader in the NFT space. The company aims to make more meaningful bets and move with greater speed and conviction.
A Flatter Organization with Severance Benefits
Impacted employees at OpenSea will receive four months of severance pay, along with other benefits. The new organization structure will have fewer middle managers, promoting a flatter hierarchy. OpenSea hopes that these changes will help regain market share lost to competitors like Blur.io.
OpenSea’s Declining Market Share
According to data from The Block’s Data Dashboard, OpenSea’s share of the NFT marketplace volume has dropped significantly. In October 2022, OpenSea held over 73% of the market share, but as of November 3rd, it has fallen to 18%. This decline highlights the need for strategic changes and improvements in order to remain competitive.
Hot Take: OpenSea Adapts to Stay Ahead in the NFT Market
OpenSea’s decision to restructure and let go of employees reflects their commitment to innovation and maintaining a leading position in the NFT market. By creating a smaller team with a direct connection to users, OpenSea aims to improve its products and provide a better experience for its community. The company’s willingness to listen to user feedback and make necessary changes demonstrates its determination to be a frontrunner in the industry. As OpenSea rebuilds and iteratively tests OpenSea 2.0, it remains focused on agility and responsiveness, ensuring that it can adapt to the rapidly evolving NFT landscape.
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