NFT Platform OpenSea’s CFO Departs from Role

Chief financial officer of non-fungible token (NFT) marketplace OpenSea, Brian Roberts, has announced that he has stepped down from his role just 10 months after assuming the position.

Brian Roberts, CFO of the NFT marketplace, OpenSea, has stepped down from his position, after less than a year in the job, but will remain an advisor for the company. Roberts announced the news on his LinkedIn page and following his departure, the firm’s Vice President of Finance, Justice Jow, will take over the position. Roberts said in his post:

I remain incredibly bullish on web3 and especially OpenSea. The company is heads down building and I assure you, the best is yet to come.

How The Mighty Markets Have Fallen

NFT trading volume is down about 90% since its heights in January and OpenSea’s sales volume and overall revenue have declined massively in the wake of the bear market. After starting the year strong, the NFT marketplace recorded a transaction volume of only $243.31 million in the last 30 days according to data from DappRadar. In July OpenSea announced that it was cutting staff by 20% citing “an unprecedented combination of crypto winter and broad macroeconomic instability.”

Crypto Winter Claims More Victims

As the market downturn continues, a slew of executives has stepped back from their positions at top crypto firms. Most recently, Daniel Leon, co-founder of Celsius announced his resignation merely a week after the company’s CEO Alex Mashinsky said that he would be stepping back from his role. Michael Saylor, CEO of MicroStrategy, CEO of Kraken Jesse Powel, president of FTX U.S. Brett Harrison, and Genesis CEO Michael Moro all resigned from their roles to less visible positions.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.