06/11/2023 NFT Marketplace OpenSea Cuts Staff

The NFT platform, used to trade Bored Apes and Pudgy Penguins, laid off 50% of its employees as digital art collectibles' floor prices continue to fall.

OpenSea faces clouds. (Jonny Clow/Unsplash)

OpenSea faces clouds. (Jonny Clow/Unsplash)

Non-fungible token (NFT) platform OpenSea has pared back its operating staff as digital art collectibles remain in the doldrums, the company's CEO Devin FinzertweetedFriday.

The sweeping layoffs may have affected as much as 50% of OpenSea's staff, crypto news outlet Decryptreportedearlier Friday.

The job cuts come as the company prepares to launch a revamped marketplace christened OpenSea 2.0, at a time when NFT prices continue to fall. The platform can be used to trade and collect NFT collections includingBored ApesandPudgy Penguins.

"We’re building a new foundation so we can innovate faster and we’ll have some experiences to share with you soon," Finzer said in a post on X (formerly Twitter). "We will change how we operate - shifting to a smaller team with a direct connection to users."

OpenSea previously laid off roughly 20% of its staff in July 2022, leaving it with a workforce of 230 employees, The Informationreported.

It is unclear how many people the company employed immediately before this latest round of layoffs.

Nor is it immediately clear how OpenSea 2.0 will differ from its predecessor. Finzer didn't share details about the platform's planned product offerings or a timeline for its rollout.

OpenSea didn't immediately respond to CoinDesk's request for comment.

According to a Nansen report, prominent NFTs from well known or “blue-chip” collections saw their floor pricesdrop by more than 25% in August.An NFT's floor price is thelowest price at which a digital art piecefrom a particular collection, or drop, can be sold.

Meanwhile, NFT prices have fallen more broadly as well, with the Nansen NFT-500index dropping 55% during the year-to-date.



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