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The chief executive of non-fungible token (NFT) marketplace OpenSea is announcing job cuts as the firm says that it\u2019s rebuilding from the ground up.<\/p>\n
In a thread on the social media platform X, OpenSea CEO Devin Finzer says<\/a> that the prominent NFT marketplace will be building a new foundation for faster innovation and upgrading its underlying technology.<\/p>\n \u201cAt times, OpenSea feels like a follower, not a leader. And that\u2019s not who we want to be. We want to move with speed, quality, and conviction to make more meaningful bets. So we took a step back and reimagined our operating culture, product, and tech from the ground up.<\/em><\/p>\n And today, we\u2019re re-orienting the team around \u2018OpenSea 2.0,\u2019 a big upgrade to our product \u2013 including the underlying technology, reliability, speed, quality, and experience.<\/em><\/p>\n We\u2019re building a new foundation so we can innovate faster and we\u2019ll have some experiences to share with you soon. We will change how we operate \u2013 shifting to a smaller team with a direct connection to users. So today, we\u2019re saying goodbye to a number of OpenSea teammates.\u201d<\/em><\/p>\n According to a recent Forbes report<\/a>, OpenSea will be cutting 50% of its workforce.<\/p>\n Finzer goes on to note that OpenSea will continue to support its current products through the upgrade, adding that \u201cOpenSea 2.0\u201d will be publicly tested.<\/p>\n \u201cFinally, we\u2019re making these changes with our community in mind. As we rebuild, we\u2019ll continue supporting our existing products, and will be iteratively testing OpenSea 2.0 in public \u2013 remaining nimble, attentive, and focused.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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