OpenSea cuts half of employees as CEO announces new direction

Quick Take

  • OpenSea’s co-founder and CEO Devin Finzer announced that the company has reduced employee headcount amid a company redirection. 
  • The firm will push toward “OpenSea 2.0,” which prioritizes product upgrades to technology, reliability, speed, quality and experience. 

NFT marketplace OpenSea is letting go of half of its employees as the firm plots a major redirection. 

The firm is creating a new foundation to foster innovation, OpenSea co-founder and CEO Devin Finzer wrote in a social media thread. Doing so requires "shifting to a smaller team with a direct connection to users." 

"So today, we’re saying goodbye to a number of OpenSea teammates," Finzer said. The move is a part of the firm's push toward the so-called "OpenSea 2.0," which focuses on product upgrades to technology, reliability, speed, quality and experience. 

Following vs. leading

Finzer noted that OpenSea's redirection comes after they've heard feedback from users that the company felt like more of "a follower, not a leader."


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"And that’s not who we want to be. We want to move with speed, quality, and conviction to make more meaningful bets," Finzer wrote. "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."

A company spokesperson said affected employees will receive four months of severance, among other benefits. The new organization will be flatter, with fewer middle managers. 

OpenSea has attempted to regain some of its market share that's been lost to other NFT platforms such as While OpenSea once held over 73% of the NFT marketplace volume as of October of 2022, its share has since fallen to 18% as of Nov. 3, The Block's Data Dashboard shows. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.


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