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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