OpenSea NFT Marketplace Cuts 50% of Headcount
OpenSea, the first mainstream marketplace for non-fungible tokens, is set to transition to v2.0 after a massive workforce cut. CEO Devin Finzer announced the move, stating that the company will likely cut 50% of its team members. The major upgrade will focus on underlying technology, reliability, speed, quality, and user experience.
OpenSea’s market share dropped below 20% due to a severe recession on NFT markets, with the segment losing 90% of its trading volume in just a year and a half. The company also failed to protect its dominance from the Blur upsurge, only responsible for 16.8% of trading volume by printing time. Despite processing 75% of liquidity injected in NFT markets at its peak, OpenSea remains the most active exchange in terms of the net number of trades finalized and maintains a relatively low wash trading share.
(With inputs from Shikha Singh)
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