- In the process of restructuring, the company announced a reduction in its workforce.
- Multiple crypto company layoffs since 2023.
- Lu said that their challenges changed and that to fulfil its strategic goals, change is necessary for their team.
As the larger crypto economizing resumes to toil with a harsh winter, Magic Eden, the leading marketplace for Solana NFTs, proclaimed the termination of 22 employees late Monday. The reason given was a company-wide restructuring.
🧵 Today is a sad day at Magic Eden.— Jack Lu (@0xLeoInRio) February 14, 2023
As part of a company-wide restructuring, we have made the difficult decision to part ways with 22 teammates. Nothing about this decision takes away from the talent, hardwork and dedication of this incredible group of people. pic.twitter.com/2LAGfK9dMV
Numerous well-known cryptocurrency firms, including Blockchain.com, Luno, Crypto.com, Coinbase, and Huboi, have also announced layoffs since the start of 2023.
They have made the challenging choice to part ways with 22 coworkers as part of a company-wide restructure. Nothing about this choice diminishes the abilities, diligence, and commitment of this extraordinary team of individuals.
According to DappRadar, Magic Eden, which debuted in September 2021, immediately became one of the most well-liked NFT marketplaces on the Solana blockchain. Pudgy Penguins, OtherSide, and Bored Ape Yacht Club were made accessible as a result of Magic Eden’s entry into the Ethereum blockchain in September 2022.
Jack Lu, the CEO and co-founder of Magic Eden, stated that they were appreciative of their team’s efforts over the previous year. Before making the announcement public, they had one-on-one conversations with each participant. Lu explained that as Magic Eden expanded, its challenges changed and that to fulfill its strategic goals, it was necessary to make changes to the team.
In the letter, Magic Eden indicates that it will provide two months’ severance, remove the one-year vesting provision for stock choices, allow layoff victims to maintain their laptops, and equip six more months of healthcare for the affected employees.
Magic Eden, Co-founder Lu said they would concentrate their m efforts this week on supporting those leaving. Moreover, they added that “they will come together, refocus, and advance next week.”