Prominent non-fungible token (NFT) marketplace OpenSea has laid off approximately 50% of its staff amidst a prolonged downturn in the NFT sector.
OpenSea CEO Devin Finzer announced the sweeping layoffs in a tweet on Friday. He stated the company is building a “new foundation” to enable faster innovation.
The job cuts come as OpenSea prepares to launch a revamped NFT marketplace called OpenSea 2.0. However, NFT floor prices of major collections like Bored Apes have plunged 25% recently.
OpenSea also downsized 20% of its workforce in July during a prior NFT market slide. It’s unclear how many employees were impacted in the latest round of layoffs.
Finzer provided few details on what OpenSea 2.0 will offer or when it will launch. The dramatic reduction in headcount aligns the company with depressed NFT trading volumes and sentiment.
For one of the most prominent NFT platforms, the sizable staff cuts highlight how the crypto bear market has devastated the once red-hot NFT sector. OpenSea appears to be bracing for an extended downturn.
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