OpenSea Announces Layoffs and Launch of OpenSea 2.0
The popular nonfungible token (NFT) marketplace, OpenSea, recently made an announcement regarding layoffs. In a tweet by co-founder and CEO Devin Finzer, it was revealed that the company is embarking on OpenSea 2.0 with a smaller team.
“Today, we are making significant organizational and operating changes as we focus on building a more nimble – and ultimately better – version of OpenSea. We are immensely grateful for the contributions of those who are leaving OpenSea, and we are supporting them with a robust package consisting of both financial and non-financial support.”
The spokesperson mentioned that approximately 50% of employees would be affected across all departments, with a particular emphasis on reducing the number of middle managers. The impacted employees will receive four-month severance packages, accelerated equity vesting, and six months of continued healthcare and mental health care.
Hot Take: OpenSea’s Move Towards Restructuring
OpenSea’s decision to lay off employees and launch OpenSea 2.0 reflects their commitment to improving their platform. By streamlining operations and reducing the number of middle managers, they aim to create a more agile organization. While this news may be difficult for those affected by the layoffs, OpenSea plans to provide comprehensive support to departing employees through financial assistance and other forms of aid.
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