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NFT Marketplace OpenSea Seeks Urgent Team Expansion amid Trading Volume Surge

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by Oluwapelumi Adejumo · 3 min read
NFT Marketplace OpenSea Seeks Urgent Team Expansion amid Trading Volume Surge
Photo: Depositphotos

The surge in trading volume and increased popularity of OpenSea over the last few months is to a large extent driven by CryptoPunks and Axie Infinity.

Following a recent surge in the trading volumes on the foremost NFT marketplace OpenSea, the company has commenced an urgent team expansion. The team’s urgent need for new members was first announced by its Head of Product, Nate Chastain.

In a plea for help posted online, Chastain noted that the team currently comprises just 37 people despite the fact that it is in charge of processing 98 percent of all NFT volumes.

“The world’s largest nonfungible token marketplace, OpenSea, is desperately in need of staff as NFT mania continues to ramp up. We need to ramp up hiring at OpenSea. We are 37 people handling 98% of all NFT volume,” Chastain began.

He went further to add that anyone who connects the company to engineers or designers that they hire would get a referral bonus of 1 ETH.

“Referral bonus: Will pay 1 ETH to anyone who connects us to engineers or designers that we hire,” Chastain added.

Aside from the post from Chastain, a visit to the company’s careers page revealed that currently, a variety of open positions are available.

These positions range from business development directors to full-stack engineers to finance managers. To further reiterate the urgency of the situation, Chastain confirmed on Twitter that the NFT company is desperate in its team expansion exercise.

He explained that the company is trying to supplement its hiring process with some guerrilla recruiting due to the pressing need for manpower. He added that for technical positions, the interview process involves some practical coding exercises related to hypothetical OpenSea functionality.

“We don’t want to over-index on interview skills/algorithm work. We evaluate candidates holistically”, Chastain explained.

The surge in trading volume and increased popularity of OpenSea over the last few months is to a large extent driven by CryptoPunks and Axie Infinity.

According to DappRadar, the company has generated $2.84 billion in trading volume in the month alone. In fact, its daily volume hit an all-time high on Aug. 28 after recording $224.6 million from 111,800 transactions within a day.

Similarly, data from Etherscans Gas Tracker places OpenSea as number one on the list of the largest consumer of Ethereum network fees globally.

In the last 24 hours alone, it has generated 21.6% of the total transaction fees for Ethereum. This figure has resulted in a total of $5.8 million, a number that is way higher than what Uniswap and Tether recorded combined.

NFT Marketplace OpenSea Records Growth

In a recent interview with Yahoo Finance, Devin Fizner and Alex Atallah, both Co-Founder and CEO and CTO respectively at OpenSea spoke on its tremendous growth.

OpenSea invested a lot in building the best possible NFT marketplace, but there were also curation platforms, wallets, a lot of work that went in over the last four years, to make the ecosystem more accessible to people.

“People understand that this idea of a unique digital object that you can own in your wallet, and trade around freely is cool and exciting,” Atallah said when asked of the attribute he thinks was responsible for the meteoric rise in the NFT market.

He noted that recently there’s been a big uptake in these collectible art projects where there’s some scarcity associated with the items or maybe there’s a game associated with them and this has captured the imagination of a broader group of consumers.

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Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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