OpenSea, the largest non-fungible token (NFT) marketplace, has laid off 20% of its employees. The layoffs come as the company is preparing to launch a new version of its platform.

In a statement, OpenSea CEO Devin Finzer said that the layoffs were necessary to ensure that the company is “best positioned for long-term growth.” He also said that the company is “excited” to launch version 2.0 of its platform, which he said will be “the most advanced and user-friendly NFT marketplace in the world.”

Version 2.0 of OpenSea will include a number of new features, including a new discovery engine, a more efficient search function, and a new social media integration. The new platform will also launch with support for more blockchains, including Solana and Polygon.

The layoffs at OpenSea come at a time when the NFT market is experiencing a downturn. Trading volumes on NFT marketplaces have fallen sharply in recent months, and the prices of many NFTs have plummeted.

It is unclear whether the layoffs at OpenSea are a sign that the company is struggling or whether they are simply a strategic move to reduce costs ahead of the launch of version 2.0. However, the layoffs are a reminder that the NFT market is still in its early stages of development and that it is subject to volatility.