OpenSea lays off 50% of its staff and will reposition the team around "OpenSea 2.0"

NFT market OpenSea has confirmed that it has laid off about half of its employees on Friday. OpenSea co-founder and CEO Devin Finzer said, "We are repositioning the team around 'OpenSea 2.0', which is a major upgrade to our product, including fundamental technology, reliability, speed, quality, and experience. We will change the way we operate, move towards smaller teams, and engage directly with users." A spokesperson added that OpenSea will adopt a flatter organizational structure. Employees affected by the layoffs will receive four months of severance pay, six months of healthcare and mental health services, and accelerated equity cash-out. Previously, due to the impact of the crypto winter and macroeconomic instability, OpenSea had laid off 20% of its employees in July last year.