The chief executive of non-fungible token (NFT) marketplace OpenSea is announcing job cuts as the firm says that it’s rebuilding from the ground up.
In a thread on the social media platform X, OpenSea CEO Devin Finzer says that the prominent NFT marketplace will be building a new foundation for faster innovation and upgrading its underlying technology.
“At times, OpenSea feels like a follower, not a leader. And that’s not who we want to be. We want to move with speed, quality, and conviction to make more meaningful bets. So we took a step back and reimagined our operating culture, product, and tech from the ground up.
And today, we’re re-orienting the team around ‘OpenSea 2.0,’ a big upgrade to our product – including the underlying technology, reliability, speed, quality, and experience.
We’re building a new foundation so we can innovate faster and we’ll have some experiences to share with you soon. We will change how we operate – shifting to a smaller team with a direct connection to users. So today, we’re saying goodbye to a number of OpenSea teammates.”
According to a recent Forbes report, OpenSea will be cutting 50% of its workforce.
Finzer goes on to note that OpenSea will continue to support its current products through the upgrade, adding that “OpenSea 2.0” will be publicly tested.
“Finally, we’re making these changes with our community in mind. As we rebuild, we’ll continue supporting our existing products, and will be iteratively testing OpenSea 2.0 in public – remaining nimble, attentive, and focused.”
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