OpenSea’s CEO announced a series of layoffs on Friday afternoon via a thread on Twitter, as the NFT market continues to underwhelm.

An OpenSea spokesperson told Blockworks around 50% of staff was affected. The move comes less than a month after fellow NFT startup Yuga Labs made its own round of employee cuts.

OpenSea CEO Devin Finzer also said the platform is “shifting to a smaller team with a direct connection to users.” 

The company was valued at $13.3 billion at the height of its fundraising efforts back in 2022. This was before the NFT market entered a prolonged slump, and its loss of market share to rival NFT…

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