Solana NFT Platform Magic Eden Lays Off 22 Employees


  • Magic Eden introduced the dismissal of twenty-two workers because of company-wide restructuring.
  • Workforce cuts have been a part of the crypto economic system’s ongoing battle with harsh winters.
  • Jack Lu, CEO and co-founder of Magic Eden, tweeted in regards to the nice contributions his retiring staff made to MagicEden.

Magic Eden, the chief of the Solana NFT platform, has introduced the layoff of twenty-two workers. Because the crypto economic system continues to battle by a harsh winter, MagicEden cited company-wide restructuring because the underlying purpose for worker layoffs.

An enormous thanks to those individuals who have contributed a lot to Magic Eden over the previous yr. We honor them and their contributions with the utmost care and respect. He was capable of converse one-on-one with every individual earlier than breaking this information out.

Affected staff will probably be thought-about, in keeping with a latest letter shared by Jack Lu in a thread. Jack Lu additionally mentioned his Magic Eden priorities for 2023 have made it simpler to pay extra consideration to organizational construction and worker roles.

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Moreover, Jack Lu mentioned the platform’s focus areas for 2023 will embody growing companies for NFT creators, driving traction throughout the chain, and investigating new circumstances, together with rewards and social experiences. Added.

In line with a letter shared, Magic Eden will present staff with two months of severance pay, get rid of a one-year vesting cliff for different shares, and prolong the train interval to at least one yr. The platform additionally permits staff to maintain their firm laptops.

The letter additionally declared that the platform would serve the healthcare wants of staff for the following six months, permitting for a one-year subscription to Headspace. As well as, the corporate has additionally determined to offer “free profession teaching and job placement companies” to retiring staff.

Job cuts have had a huge effect on Magic Eden, however Jack Lu sees a extra optimistic future. Jack Lu mentioned:

This week, our focus is on serving to these transitioning out of Magic Eden. Subsequent week we are going to reset and transfer ahead.

In conclusion, Jack Lu mentioned there must be coordination inside the staff to obviously and exactly handle the platform’s strategic targets.


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