Brian Roberts, the Chief Financial Officer of OpenSea, left after ten months in the role and will continue to serve as an adviser to the firm.
Roberts made the announcement on his LinkedIn profile. He was responsible for the expansion of the finance staff and was the first financial recruit for the NFT marketplace. Justin Jow, the company’s vice president of finance, will succeed him upon his departure.
The former CFO of Lyft said that he is “very optimistic about web3 and OpenSea in particular.” The organisation is focused on expansion, and I can guarantee you that the best is yet to come.” OpenSea said earlier in the year that it will lay off 20% of its personnel as a result of the bear market.
In light of the current bad market, OpenSea’s sales volume and total income have dropped drastically. Since January, the trading volume of NFTs has decreased by nearly 90%.
After a robust start to the year, OpenSea’s trading volume has reached new lows. According to statistics from DappRadar, the NFT marketplace registered $341.43 million in transaction activity during the last 30 days.
For further perspective, the marketplace generated just $144 million in fees and $35 million in sales for the third quarter.
Several C-level leaders in the cryptocurrency industry are quitting their positions. Many have brought this to light, indicating that there may be a reason for alarm.
At least eleven executives have resigned from their positions throughout the previous several months. Jesse Powell of Kraken has revealed a transition plan that would see him step down as CEO. Michael Saylor of MicroStrategy and FTX have both stepped down from their respective CEO positions. Recently, US President Brett Harrison resigned.
In addition, the CEOs of insolvent crypto companies, Alex Mashinksy of crypto lender Celsius and Dave Perril of Bitcoin miner Compute North, resigned.
Although there are different causes for the resignation, ranging from bankruptcy to simple reorganisation, this group’s mass departure is worthless. The present market downturn looks to have a factor in the exits.