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OpenSea CFO resign only after 10 months

Brian Roberts, the chief financial officer of the OpenSea non-fungible token marketplace, has quit formally after only 10 months with the company. Roberts will continue to advise the OpenSea NFT marketplace as a consultant.

Brian Roberts acknowledged his departure from the OpenSea NFT marketplace in an October 9 blog post, noting that he remains optimistic about the future of Web3 apps on OpenSea and its market principles. He stated:

“Well, it is time for me to come ashore from “the open seas. ” I am grateful for the opportunity and proud of many accomplishments but none more than the strength of the finance team at OpenSea.”

In an Oct. 7 LinkedIn post, the former CFO of ride-sharing platform Lyft and OpenSea stated it was time for him to “return ashore” from the “open seas,” but he didn’t specify why. He did say he will remain as an advisor to the company moving forward.

After seven years at Lyft, Roberts was appointed as OpenSea’s CFO in 2021. He has previously worked in corporate capacities with Walmart and the technology firm Microsoft in the United States.

Roberts is the latest in a long line of industry professionals to join Web3, including Google’s former vice president Surojit Chatterjee, who became Coinbase’s chief product officer in 2020, and Amazon’s Pravjit Tiwana.

Brian Roberts joined the OpenSea NFT marketplace as chief financial officer in November of last year, after more than seven years with the ride-sharing application firm Lyft. Roberts also served on the Fred Hutch Foundation’s Board of Trustees.

Roberts’ existence is another setback for OpenSea

Roberts’ resignation comes amid a widespread bearish decline in the NFT industry, which has seen OpenSea fall for five months in a row. According to Dune Analytics, trade volumes for NFTs will be significantly lower in 2022 compared to last year.

According to market data, total NFT sales volume has decreased from $17 billion in January to $466 million in September. Despite the market downturn, the OpenSea NFT marketplace remained reasonably healthy, earning $144 million in the third quarter of this year.

In recent weeks, OpenSea has welcomed various improvements, including the ability for users to advertise and purchase bulk NFTs, as well as compatibility for Ethereum Layer 2 scaling solutions like Optimism and Arbitrum. The NFT market expects that these improvements would help it recover its performance.

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