NFT marketplace OpenSea has laid off half of its staff.
The decision has reportedly been made in connection with the change in the course of the market's development.
Devin Finzer, co-founder and CEO of the platform, has said the new OpenSea 2.0 strategy involves a smaller team with a direct connection to users.
He has explained:
"The company felt like more of a follower, not a leader. And that's not what we want to be. We want to move with speed, quality, and conviction to make more meaningful bets. We’re making these changes with our community in mind. As we rebuild, we'll continue supporting our existing products, and will be iteratively testing OpenSea 2.0 in public — remaining nimble, attentive, and focused."
The changes have come after trading volume on OpenSea fell to $106 million in August, the lowest level since April 2021.
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The platform's share of the NFT market has fallen from more than 73% in October last year to 18% in November.