NFT platform OpenSea’s CFO exits role in another crypto shake-up

THE crypto management carousel just keeps on spinning.

The latest in a spate of C-suite departures in the sector comes from non-fungible token (NFT) marketplace OpenSea, where Brian Roberts has exited from the role of chief financial officer after less than a year in the job.

Roberts, who joined the NFT platform in December after seven years at ride-sharing firm Lyft, said in a LinkedIn post he’ll be an adviser to OpenSea.

“I remain incredibly bullish on Web3 and especially OpenSea,” Roberts said in the post. Web3 is a vision of a decentralised Internet built around blockchains.

The digital-asset sector has shed US$2 trillion in value since a November 2021 peak, crushed by tightening monetary policy and blowups at crypto firms. Trading volumes for NFTs - digital art and other collectables recorded on blockchains - have also sunk. OpenSea announced major job cuts in July.

The shakeout in the crypto sector is also buffeting senior management: for instance, the co-founders of bankrupt crypto lender Celsius Network recently left their positions and the chief executive officer of digital-asset exchange Kraken stepped down.

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NFT marketplace OpenSea cuts 20% of staff as crypto job losses deepen

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The changing of the guard in the roughly decade-old industry is stoking questions about what kind of crypto sector will emerge from this year’s rout. BLOOMBERG