As part of a restructuring, the digital collectibles giant announced that it would lay off workers.
CEO and co-founder Jack Lu said that the firm needed to make changes to reach new goals in 2023.
Magic Eden, the best place to buy and sell Solana NFTs. Magic Eden let go of 22 people at the same time that other companies in the same field did the same. Since the beginning of 2023, layoffs have also been announced by Crypto.com, Luno, Blockchain.com, Huobi, and Coinbase, all of which are well-known crypto companies.
Based on LinkedIn’s list of 141 employees, that comes to about 15%. Magic Eden is the latest cryptocurrency company to lay off employees. Last month, Coinbase laid off 20% of its employees, Luno cut 35%, and Genesis cut 30%.
DappRadar says that soon after Magic Eden’s launch in September 2021, it became one of the most popular places to buy and sell NFTs on the Solana blockchain. In September 2022, Magic Eden added support for Bored Ape Yacht Club, Pudgy Penguins, and Otherside, which meant that it was now part of the Ethereum ecosystem.
Magic Eden co-founder and CEO Jack Lu tweeted:
2/ We are deeply grateful to these folks. Each of them has contributed immensely to Magic Eden over the last year. We will be honoring them & their contributions with the utmost care and respect. We were able to speak w/ each person 1:1 before sharing this news publicly.
— Jack Lu (@0xLeoInRio) February 14, 2023
what’s going on with Magic Eden?
Before 15 months, they were trying to find the right market for Solana. Their business has grown since then. Magic Eden has said that one of their goals for 2023 is to gain more traction across chains. So, to reach their strategic goals, they need to change their team.
“Magic Eden has made the difficult decision to part ways with 22 teammates as part of a company-wide restructuring effort,” CEO Jack Lu said.
Cover Image Source: newamericamedia.org