One of the co-founders of OpenSea, the largest Non-Fungible Token (NFT) market in the Web 3.0 ecosystem, Alex Atallah, has stated that by the end of July, he will step down as active manager while remaining on the board.
Atallah, who co-founded OpenSea with CEO Devin Finzer in 2017, has played a significant role in the growth of the business. His responsibilities have included community and marketing and product development, among other things.
Atallah said he is confident in the executives of the company to take over all of the duties he was in charge of prior to the deadline he has set of July 30.
In his statement, he notes that while this has been a difficult decision to make, to step down, he is nonetheless very excited to go back to his passion for building things from scratch.
“At OpenSea, we had product-market fit almost from the start, but the market size was negligible compared to where it is today. In March of 2018, when we raised our seed round, we had seen just $500k in volume in 2 months. There were only 100 collections listed on OpenSea, compared to the hundreds of millions listed now,” stated Atallah, noting the success of the company in a short period of time.
Despite having its share of legal implications, OpenSea continues to note significant growth in the number of new users it can gain. The company embarked on a recruiting spree at one point this year to help its overworked engineers. To increase its worth to $13.3 billion, the business raised $300 million earlier this year.
Atallah affirmed that he would continue contributing to the company’s development as a member of the board. Atallah wrote in his statement that he would go back to his love for building new things after a much-needed break in August.