OpenSea laid off approximately 50% of its workforce in November 2023 as part of "OpenSea 2.0" restructuring. CEO Devin Finzer announced the cuts on X, stating the company needed to "change how we operate — shifting to a smaller team with a direct connection to users." This followed a July 2022 cut of 20% (reducing staff from ~280 to 230). After this round, as few as 100 employees remained. Affected staff received 6 months healthcare and 4 months severance.
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OpenSea executed two major layoff rounds in 18 months: 20% in July 2022 ("preparing for prolonged downturn") and 50% in November 2023. Former head of product Nathanial Chastian was convicted on insider trading charges. The company lost significant market share to competitor Blur.io while Bored Ape NFT floor prices dropped 90% from peak. CEO Finzer described the restructuring as "rethinking our operating culture, product, and tech from the ground up."
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OpenSea — Worker Treatment: OPPOSED
OpenSea executed two major layoff rounds in 18 months: 20% in July 2022 ("preparing for prolonged downturn") and 50% in November 2023. Former head of product Nathanial Chastian …
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See all →OpenSea announced in August 2023 it would end mandatory creator royalty enforcement, transforming NFT artist compensation into an optional tipping system starting March 2024. Creator royalty payments had collapsed from $76M weekly (April 2022) to $3.8M (June 2023). Mark Cuban called it a "HUGE mistake" that "diminished trust in the platform." Yuga Labs announced leaving OpenSea, and DeadFellaz founder Betty called for industry boycotts. Artists who built businesses on royalty promises lost their income streams.