High-level offshore workers go down amid regulatory and financial problems

OpenSea, one of the most popular NFT marketplaces, has experienced a significant decline in its overall business due to several factors, including low participation in the sector.

Over the past few months, some senior employees have left the company for other positions as the company's problems continued to pile up. With significant reductions in current manpower and other risks, the future of the once-massive NFT marketplace is now uncertain, raising concerns about its long-term viability.

OpenSea is losing its executives.

Four OpenSea executives have resigned from OpenSea in the past three months. These include former COO, Shiva Rajaraman, former head of business and corporate development, Jeremy Finn and general counsel, Karen Kreuzkamp. The company's former vice president of finance, Justin Zhou, left earlier this year.

After leaving, they got job offers in other reputed companies as per their LinkedIn page. For example, Rajaraman currently works at Uber. It has joined excellent development and production partnerships with OpenAI. Joe got a job at Scale AI. Kreuzkamp was hired by Tools for Humanity, the company behind the iris-scan crypto project WorldCoin.

In addition to these four, 0age, one of OpenSea's engineers, released an NFT marketplace for Uniswap, an Ethereum-based decentralized exchange.

Challenges facing OpenSea

Although the NFT market played a key role in driving the 2021 bull run, engagement with the sector has declined significantly over the past two years. Like other NFT platforms, OpenSea has experienced a significant decline in market activity, resulting in lower revenues for financing operations.

On the other hand, new competitors like Blur and Magic Eden have taken the spotlight. These platforms offer low fees and innovative features, attracting more users and creators. OpenSea now faces the challenge of regaining its leadership in a crowded and competitive space.

In addition, the firm is facing legal and regulatory scrutiny, including an investigation by the United States Securities and Exchange Commission (SEC) to confirm that the NFTs on its platform are unregistered securities.