OpenSea, was launched in 2017 and achieved great success during the NFT boom. However, in July 2022, after the crypto winter, it laid off 20% of its employees and has now decided to further downsize its team. An OpenSea spokesperson used the following statements in an email sent:

“Today, we are making significant operational changes in order to build a better OpenSea. We are greatly thankful for all the contributions of the employees who are leaving and we are offering financial support along with other forms of assistance.”

OpenSea was in the right place at the right time with the right product. But so was Tower Records. What can OpenSea do to maintain this lead they have? The answer is simple. Become a DAO, drop a governance token to users. It will be valued in the tens of billions. Everybody wins.

— Beanie (@beaniemaxi) November 11, 2021

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The company also emphasized that it would impact approximately 50% of the employees in all departments and reduce the number of middle-level managers. It will offer laid-off employees a severance package of four months, accelerate equity allotment, and provide a six-month health and psychological support package.

The NFT market peaked in 2021, but many collections have dropped in value since then. OpenSea received major backlash from the community when it announced in August that it was blacklisting marketplaces that do not require content creators to pay a royalty fee. Bored Ape and CryptoPunks creator Yuga Labs started to abstain from using the marketplace’s Seaport marketplace and smart contracts in response to this decision.

In his statement, Finzer said, “We will continue to support our current products during the reconstruction process and will retest OpenSea 2.0 publicly.”

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