OpenSea Loses Market Domination: Lays Off Half of Its Employees

OpenSea, which has lost its dominance in the NFT market in recent times, announced that it has laid off half of its employees as part of its new future plans.

Once one of the largest platforms in the NFT market, OpenSea has announced that it has laid off half of its employees in an effort to maintain its dominance in the industry and establish a new foundation following the release of a new strategic plan by its co-founder and CEO, Devin Finzer.

OpenSea’s New Plan
“We aimed to transition to a smaller team with a direct connection to users.”
Devin Finzer

The team explained that as part of this plan, they reevaluated their current business model and also downsized the team to be more effective in providing services.

Significant Loss of Market Dominance in Recent Times

At the time OpenSea unveiled this strategic plan, the platform’s NFT market volume also experienced a significant change. According to The Block’s data dashboard, OpenSea’s market volume has dropped to as low as 18% in recent days.

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