OpenSea, the leading NFT marketplace, has announced plans to reduce its workforce by half as part of major restructuring efforts. The CEO, Devin Finzer, stated on Twitter that the company is making significant changes to focus on a new version of its platform, OpenSea 2.0. He mentioned that the company is shifting to a smaller team and bidding farewell to some employees as they build a new foundation. Finzer expressed gratitude to the departing employees and emphasized that these changes are being made with the community in mind. OpenSea's decision to reorient its team is a response to user feedback and a desire to be a leader in the industry. Affected employees will receive benefits such as accelerated equity vesting, severance pay, and health services. OpenSea, which was once the largest marketplace in the NFT industry, has faced criticism for its handling of creator royalties and has experienced a decline in the market. This is not the first time the company has undergone layoffs, with a previous round occurring in July 2022. Additionally, data from DappGambl reveals that a majority of NFTs are currently worthless, with 95% of NFT holders holding onto investments with no value. The report also highlights the oversupply of NFTs and the lack of demand.
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