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. The job cuts come as the company prepares to launch a revamped marketplace christened OpenSea 2.0, at a time when NFT prices continue to fall. The platform can be used to trade and collect NFT collections including Bored Apes and Pudgy Penguins. OpenSea previously laid off roughly 20% of its staff in July 2022, leaving it with a workforce of 230 employees, The Information reported.
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