OpenSea is Preparing to Launch OpenSea 2.0 – so They have Laid Off 50% of Their Staff

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.

OpenSea Launches OpenSea Ventures – Investing in Startups around the NFT Ecosystem

Opensea have just announced their own Venture fund, Opensea Ventures. The fund will seek investments in startups working in domains such as NFTs, DeFi, blockchain, and others. OpenSea co-founder Alex Attalah will lead the venture fund. 

The fund will focus on startups that produce NFTs, create NFT protocols, produce blockchain and metaverse games, and develop NFT analytics. 

This seems like a natural next step to build out an ecosystem fast and potentially tie down some assets for exclusive sale in the Opensea platform.