OpenSea reduces its workforce by half, providing severance packages in anticipation of the launch of version 2.0

OpenSea, the nonfungible token (NFT) marketplace, boldly announced on November 3 its strategic decision to streamline operations through employee layoffs. Devin Finzer, the Co-founder and CEO, conveyed this pivotal update on X (formerly Twitter), elucidating that the move is part of the company's initiative to roll out OpenSea 2.0 with a more agile and focused team.

Founded in 2017 during the NFT innovation wave, OpenSea operates on a model akin to eBay and Etsy, facilitating transactions with Ether. In response to market dynamics, the company previously downsized by 20% in July 2022, citing the crypto winter, bringing its staff count to 230 at that time. As reported, this recent announcement of organizational changes underscores OpenSea's commitment to building a superior version of its platform.

A spokesperson for OpenSea communicated to Cointelegraph via email, stating, "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 emphasized that approximately 50% of employees across all functions would be affected, with a particular reduction in middle management roles. The departing employees will receive comprehensive severance packages, including four months of financial support, accelerated equity vesting, and six months of continued healthcare and mental healthcare.

Acknowledging the evolving landscape of the NFT market, OpenSea remains committed to supporting existing products while iteratively testing OpenSea 2.0 in the public domain. Devin Finzer, in his X post, assured continuity in rebuilding and disclosed that the company currently lists 12 open positions on LinkedIn, offering competitive starting salaries ranging from $90,000 to $270,000.