OpenSea slashes NFT marketplace staff by 50%

OpenSea, the prominent NFT marketplace startup, has laid off about half of its staff, the company confirmed to Decrypt on Friday.

A company representative told Decrypt that approximately 50% of employees were impacted across the company. The company would not clarify the number of people affected by the moves.

“Today, we are making significant organizational and operating changes as we focus on building a more nimble—and ultimately better—version of OpenSea," a spokesperson said. "With these changes, we are better positioned to deliver for the community, shipping high-impact efforts and matching the speed at which this space evolves."

The statement from OpenSea is a masterclass in corporate obfuscation draped in weasel words. Phrases like "significant organizational and operating changes" and "more nimble" are smoke and mirrors for a company scrambling to right its sinking ship. Promises to "deliver for the community" and "match the speed at which this space evolves" are hollow and devoid of substance and accountability. Despite its attempts at dressing up the narrative, this is nothing more than a toothless PR salvo from a floundering company that has squandered its multi-billion dollar valuation, leaving stakeholders adrift in a sea of uncertainty.

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