The chief financial officer of nonfungible token (NFT) marketplace OpenSea, Brian Roberts, has become the latest high-profile Web3 executive to depart their role amid the current bear market, leaving after just 10 months in the role.
In an Oct. 7 post on LinkedIn, the former CFO of ride-share platform Lyft and OpenSea said it was time for him to “come ashore” from the “open seas,” but didn’t state the exact reasons for the change, only that he would be staying on as an adviser to the company moving forward.
Roberts was appointed as the OpenSea chief financial officer in December 2021 after working at Lyft for seven years. He also has had previous stints in corporate roles at United States retail giant Walmart and technology company Mircosoft.
Roberts was among a long line of tech veterans who jumped to Web3 over the last few years, including Google’s former vice president Surojit Chatterjee, who became Coinbase’s chief product officer in 2020, and Amazon’s Pravjit Tiwana, who became chief technology officer of Gemini in Jan 2022.
One of his core responsibilities during his time at OpenSea was to grow the finance team. In his Linkedin post, Roberts noted:
“I had the rare opportunity to build a team literally from the ground up and handpicked game changers.”
According to his statement, he has been working closely with CEO Devin Finzer and vice president of strategic finance Justin Jow to ensure a “smooth transition,” possibly indicating that Jow will step up and take over the newly vacant executive role.
Despite the departure from the chief financial officer role, Roberts maintains he is still “incredibly bullish on web3.”
Notably, Roberts’ departure came on the same day another OpenSea executive announced his resignation.
In an Oct. 7 LinkedIn post, Ryan Foutty, vice president of business development of OpenSea announced his departure from the firm after 18 months.
Foutty said the company had come a long way since working out of co-founder Alex Atallah’s basement and wished his “crewmates” well.
Related: OpenSea to allow users to submit bulk NFT listings and purchases
Both Roberts and Foutty are just the latest crypto executives to depart from their current roles amid the market downturn.
NFT trading volume has plunged 98% from the $6.2 billion witnessed around the end of Jan to $114.4 million.
The NFT marketplace has suffered setbacks as well, including cutting down 20% of its staff in July, and significant plunges in daily trading volume.
The whole market took a sharp fall off a cliff in May with the start of an ongoing crypto bear market.
Other high-profile executives announcing departure from their firms include FTX US president Brett Harrison, Kraken CEO Jesse Powell, MicroStrategy CEO Michael Saylor and Genesis Trading CEO Michael Moro.
Update: Correction on the number of months Brian Roberts held the CFO position at OpenSea.