Magic Eden NFTs marketplace has announced the layoff of 22 employees, the reduction in workforce according to Magic Eden is part of its restructuring process towards its business goals in 2023.
As the larger crypto economy continues to struggle with a brutal winter, Magic Eden, the leading marketplace for Solana NFTs, announced the termination of 22 workers late Monday. The reason given was a company-wide reorganization.
Numerous well-known cryptocurrency firms, including Huobi, Coinbase, Blockchain.com, Crypto.com, and Luno, have also announced layoffs since the start of 2023.
According to DappRadar, Magic Eden, which debuted in September 2021, immediately became one of the most well-liked NFT markets on the Solana blockchain.
Bored Ape Yacht Club, Pudgy Penguins, and Otherside were added to Magic Eden’s support roster when it entered the Ethereum ecosystem in September 2022.
Magic Eden co-founder and CEO Jack Lu tweeted, “We are very thankful to these people—each of them has greatly contributed to Magic Eden over the previous year.”
“With the greatest care and respect, we shall pay tribute to them and their efforts. Before announcing the news to the public, we had one-on-one conversations with each individual.
In a letter posted in the thread, Lu said that as Magic Eden expanded, the nature of its problems changed. He also added that when the business set its goals for 2023, Magic Eden had to give careful consideration to the structure and responsibilities that were required.
The letter said, “To be clear-eyed, addressing our strategic objectives means making adjustments to our team.
According to the letter, Magic Eden will give assistance to people impacted by the layoffs by providing two months’ severance, removing the one-year stock options vesting requirement, letting them retain their computers, and providing healthcare for an additional six months.
Although the layoffs came as a shock, Lu said he is still focused on the future.
We’ll concentrate our efforts this week on supporting those leaving Magic Eden, Lu said. “We will come together, concentrate, and advance next week.”
