NFT sales jump to $129M, OpenSea layoffs and Elon Musk slams NFTs: Nifty Newsletter

cointelegraph.com:

In this week’s newsletter, we dive into the dynamic world of nonfungible tokens (NFTs) and their impact on the digital landscape, as NFT sales have skyrocketed to an impressive $129 million in November, according to data from Nansen. Despite the surge in sales, OpenSea has laid off a substantial amount of staff as it prepares to launch version 2.0 of its platform, and Elon Musk unintentionally made a case for Bitcoin Ordinals. Meanwhile, an OpenSea investor has taken a 90% markdown on their stake in the platform, and don’t forget this week’s Nifty News featuring The Simpsons roasting NFTs.

NFTs have seen a large increase in weekly sales volume, with sales reaching 29,704 Ether (ETH), worth approximately $56 million, and later surging to 68,342 ETH (over $129 million) in a matter of weeks.

NFT marketplace Blur had the highest trading volume in the last 30 days, with 161,433 ETH, which is worth around $305 million, followed by OpenSea with 52,307 ETH, which is around $100 million. When it comes to NFT collections, Bored Ape Yacht Club (BAYC) had the highest trading volume in the last 30 days, at 35,226 ETH, which is approximately $66.7 million.

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OpenSea announced on Nov. 3 that it was laying off employees as part of its plan to launch OpenSea 2.0 with a smaller team. The company has previously laid off 20% of its employees in July 2022 due to the “crypto winter.” At that time, it had a staff of 230.

According to the company, around 50% of employees would be affected across all functions. Those affected by the mass layoff would receive four-month severance packages, accelerated equity vesting, and six months of continued healthcare and mental healthcare.

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Tesla CEO Elon Musk has unintentionally