In simple terms: The U.S. lost an immense number of workers during … Magic Eden Lays Off 22 Staff as Part of Company-Wide Restructuring.

  • 22 team members have been let go by Magic Eden.
  • The team must be coordinated with the organization’s objectives, according to the CEO.
  • The NFT market offers assistance to the impacted employees.

In order to compete in the present NFT market, Magic Eden is simplifying its operations.

Leading NFT marketplace issued a blog post on February 14, 2023, in which CEO and co-founder Jack Lu disclosed a “company-wide restructure” and related layoffs.

Afterwards, Lu posted a thread in which he expressed his sympathy for the people who had been laid off and assured the community that it had been done so in their best interests.

The CEO acknowledged that the decision to split ways with the 22 teammates was “tough and heartbreaking.” The choice was made after examining the competence needed to steer the ecosystem in the desired direction while evaluating the companies’ strategic ambitions.

Keeping the Vision in Mind

According to reports, Magic Eden reached a point where adjustments were necessary to bring it in line with the team’s goals for 2023.

Moving forward, the marketplace’s objectives will be to “build traction across chains, expand services for NFT creators, and explore new use cases including rewards and social interactions.”

According to Lu, the team members will need to possess a particular skill set and area of expertise to advance Magic Eden’s development “without losing momentum.”

This week, Magic Eden will offer substitute forms of support for the former staff members before entering a “reset” phase to advance the ecosystem.

On the other hand

  • According to DappRadar, Magic Eden had a trade volume of $85M in January 2023, or 9.7% of the market.
  • In January 2023, NFT marketplace SuperRare 30% downsized its workforce.
  • Almost 20% of OpenSea’s employees were let go in July 2022.

Why It’s Important

Magic In the Solana blockchain, Eden is hailed as the most significant NFT marketplace. The recent employee notice from the marketplace is one of several layoffs that have occurred in the cryptocurrency ecosystem since the start of the infamous crypto winter of 2022.

Learn more about Magic Eden’s rewards scheme here:
Loyalty Program Launched by Magic Eden NFT Marketplace; Native Token Discussions

Learn more about the moment that BONK drove the Magic Eden community insane:
Magic Eden’s BONK-Themed NFT Collection Sells Out Quickly

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