HomeCrypto GamingAs OpenSea cuts staff by 50%, Yuga Labs and Magic Eden announce...

As OpenSea cuts staff by 50%, Yuga Labs and Magic Eden announce new NFT marketplace


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It’s all-change for NFT marketplaces, following the information that BAYC creator Yuga Labs and cross-chain NFT platform Magic Eden revealed that they’re collaborating to launch a brand new Magic Eden ETH market.

Described as “the first major ETH marketplace contractually obligated to honor creator royalties”, {the marketplace} is predicted to launch earlier than the top of 2023.

Whereas little else was detailed, the announcement got here only a day following OpenSea CEO Devin Finzer asserting on X that his firm is shedding half of its workers in a re-orientation of OpenSea’s workforce and future imaginative and prescient. In a quest to innovate quicker and be a market pioneer relatively than a follower the NFT market, which was the primary of its type when launching in 2017, will bear a giant improve in direction of the brand new “OpenSea 2.0”.

In the meantime, onchain analytics firm Nansen reported a small upward development in NFT gross sales quantity since September. On the finish of October NFT gross sales reached its highest since August, and the numbers urged that the market was up by 38% because the lowest week in September. 

Additional on, the week closing on ninth October noticed NFT gross sales quantity of round $56 million (29.7k ETH), in comparison with the roughly $129 million (68.6k ETH) within the week closing fifth November.

Over a 30 day interval, NFT buying and selling platform Blur accounted for the best NFT gross sales of round $305 million (171,926 ETH), while OpenSea landed in second spot with NFT gross sales to a worth of round $100 million (37,765 ETH).


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