OpenSea NFT Marketplace Laid Off 50% staff.
- Mardo Soo
- Nov 4, 2023
- 1 min read
As the digital art collectibles market continues to face challenges, OpenSea NFT Marketplace has scaled down its operating staff, a move announced by CEO Devin Finzer on Twitter last Friday.
The move, affecting nearly half of its staff as reported by Decrypt, aligns with OpenSea's ambitious plan to unveil an upgraded marketplace, OpenSea 2.0. Amid declining NFT values, the platform, known for trading popular NFTs like Bored Apes and Pudgy Penguins, is realigning to maintain its market stance.
OpenSea NFT Marketplace was valued at $13.3 billion in 2022.
What is NFT?
Non-Fungible Tokens (NFTs) are unique digital assets verified using blockchain technology, ensuring authenticity and ownership. Unlike cryptocurrencies like Bitcoin, each NFT is distinct and cannot be exchanged on a one-to-one basis with any other token. NFTs have found a significant application in digitizing art and collectibles, allowing creators and buyers to transact on platforms like OpenSea with a proof of authenticity and ownership.
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