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OpenSea Co-founder Alex Atallah Set to Quit, Out to Start Over

OpenSea co-founder Alex Atallah has shared news of his impending exit from the company he helped make into the world’s top marketplace for non-fungible tokens.

Atallah is Eager to Start From Scratch

Atallah noted in his announcement tweet that the move would take effect in a month, specifically on July 30. Notably, while he is leaving the company, he will remain on the board. He shared his reason for quitting, which is to return to his core passion: “building something from zero to one.”

Forbes places Alex Atallah’s net worth at about 2 Billion USD. First, the OpenSea co-founder will spend the month of August attempting to relax and take some time off. However, he is eager to jump back into the crypto scene and start afresh. Atallah launched OpenSea in 2018 alongside CEO Devin Finzer and seems satisfied with the current state of the new-york based platform. 

Having put a great foundation in place for the company, Atallah is ready to move on. He expressed his enthusiasm about the future in a letter to the OpenSea team titled New Beginnings. In this release, he highlighted the company’s opportunity, direction, and leadership.

 He also revisited the company’s beginnings, pointing out its growth and key individuals in its journey. 

OpenSea’s Growth and New Future

Finzer and Atallah found demand for their services at the start. However, they had to face a tiny market. Atallah describes it as “negligible” compared with the present size of the NFT market. In March of their launch year, the company held its first seed round and saw just $500k within two months.

OpenSea began with only 100 collections, a far cry from the hundreds of millions it currently hosts. Atallah pointed out that he filled several technical and non-technical positions in OpenSea as it grew. However, 2021’s NFT explosion made it necessary for him and Finzer to bring aboard new individuals, “the best in the world.”  

Changing Leadership

At the start of the year, the NFT marketplace purchased crypto wallet startup Dharma Labs. Since then, Atallah has functioned as the head of investment arm OpenSea ventures and their NFT Security Group. 

Kevin Pawlak will lead the venture branch, while the current head of protocol development, Oage, will fill the latter position. The OpenSea co-creator also brought up a new addition to the company in his tweet. Starting next week, Marko Iskander is part of the OpenSea team as the new VP of Engineering. 

Atallah stated that OpenSea would forever be a part of him; he will support the platform externally and from his place on the board. He noted that partner Finzer had taken the company farther than he could have hoped. With the team in place, he’s confident he can move on and trust them to go even higher and in the right direction.

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Of late, OpenSea has been at the brunt of controversies. Two days ago, the email data of OpenSea’s customers leaked to unauthorized third parties. Its team swiftly warned users to be wary of possible phishing attacks. Likewise, a month ago, New York prosecutors filed accusations of alleged insider trading against a former OpenSea employee.

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