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OpenSea Announces Restructuring Plans and Layoffs for Strategic Reorientation

OpenSea to Lay Off 50% of Employees in Strategic Reorientation towards “OpenSea 2.0”

OpenSea, the leading marketplace for non-fungible tokens (NFTs), is preparing to lay off half of its employees as part of a strategic redefinition to launch an improved version of the platform dubbed “OpenSea 2.0”.

The Complete Restructuring of Opensea

This decision is part of a significant staff reduction aiming to redefine the company and offer an enhanced user experience on the platform.

Opensea CEO’s Perspective on the Future of the Marketplace

OpenSea is embarking on an ambitious transformation. The vision for “OpenSea 2.0” focuses on improving technology and user experience with an emphasis on reliability, speed, and quality. CEO Devin Finzer highlights the importance of this evolution and aims to position OpenSea as a leader rather than a follower, while remaining attentive to the community’s needs.

Financial Compensation for Employees Affected by Layoffs

Employees affected by these changes are not being left behind. OpenSea is providing a generous “departure package” including four months’ salary, accelerated stock vesting, and other employee healthcare services. Despite the downsizing, OpenSea continues to hire for key positions, offering salaries ranging from $90,000 to $270,000 per year, as seen on the company’s LinkedIn page. Available positions include Product Designer, Engineers, and Directors.

It is worth noting that this is not Opensea’s first round of layoffs. In July 2022, the NFT marketplace was forced to lay off more than 20% of its employees due to the bear market.

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