OpenSea, a leading NFT marketplace startup, reported that almost half of its employees have been laid off as part of a major restructuring exercise.

According to the business, these organizational and operational adjustments are aimed at creating a more nimble and enhanced version of OpenSea. The layoffs come as OpenSea attempts to reclaim its status as a leader in the NFT field and respond to comments that it has fallen behind competitors like Blur.

CEO Devin Finzer stressed the importance of OpenSea becoming a more proactive and inventive platform. According to Finzer, In the future, OpenSea will also have a flatter organizational structure.

OpenSea, which saw substantial success during the initial NFT market boom as the leading NFT marketplace, has been confronted with obstacles as a result of a market downturn, with the NFT sector experiencing a brutal bear market.

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