Non-fungible token (NFT) platform OpenSea has pared back its operating staff as digital art collectibles remain in the doldrums, the company's CEO Devin Finzer tweeted Friday.
The sweeping layoffs may have affected as much as 50% of OpenSea's staff, crypto news outlet Decrypt reported earlier Friday.
"We’re building a new foundation so we can innovate faster and we’ll have some experiences to share with you soon," Finzer said in a post on X (formerly Twitter). "We will change how we operate - shifting to a smaller team with a direct connection to users."
OpenSea previously laid off roughly 20% of its staff in July 2022, leaving it with a workforce of 230 employees, The Information reported.
It is unclear how many people the company employed immediately before this latest round of layoffs.
Nor is it immediately clear how OpenSea 2.0 will differ from its predecessor. Finzer didn't share details about the platform's planned product offerings or a timeline for its rollout.
OpenSea didn't immediately respond to CoinDesk's request for comment.
Meanwhile, NFT prices have fallen more broadly as well, with the Nansen NFT-500 index dropping 55% during the year-to-date.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.