NFT platform OpenSea’s CFO exits role in another crypto shake-up

Green light illuminates coaxial cables inside a communications room at an office in London, U.K., on Monday, May 15, 2017. Governments and companies around the world began to gain the upper hand against the first wave of an unrivaled global cyberattack, even as the assault was poised to continue claiming victims this week. Photographer: Chris Ratcliffe/Bloomberg

The crypto management carousel just keeps on spinning.

The latest in a spate of C-suite departures in the sector comes from nonfungible token marketplace OpenSea, where Brian Roberts has exited from the role of chief financial officer after less than a year in the job.

Roberts, who joined the NFT platform in December after seven years at ride-sharing firm Lyft Inc., said in a LinkedIn post he’ll be an adviser to OpenSea.

“I remain incredibly bullish on web3 and especially OpenSea,” Roberts said in the post. Web3 is a vision of a decentralized internet built around blockchains.

The digital-asset sector has shed $2 trillion in value since a November 2021 peak, crushed by tightening monetary policy and blowups at crypto firms. Trading volumes for NFTs -- digital art and other collectibles recorded on blockchains -- have also sunk. OpenSea announced major job cuts in July.

The shakeout in the crypto sector is also buffeting senior management: for instance, the co-founders of bankrupt crypto lender Celsius Network LLC recently left their positions and the chief executive officer of digital-asset exchange Kraken stepped down.

The changing of the guard in the roughly decade-old industry is stoking questions about what kind of crypto sector will emerge from this year’s rout.