In the midst of a company-wide restructuring, Magic Eden announces layoffs
Magic Eden, a well-known marketplace for Solana NFTs, announced late on Monday that as part of a corporate restructure, 22 staff will be let off. The decision was made while the larger crypto economy continues to face difficulties.
Layoffs in the Crypto Industry are Common
Recently, the cryptocurrency sector has experienced a wave of layoffs, with numerous well-known companies reporting similar actions, including Huobi, Coinbase, Blockchain.com, Crypto.com, and Luno.
Fame in the Solana Ecosystem is Growing
According to DappRadar, Magic Eden has been one of the most well-liked NFT markets on the Solana blockchain since its introduction in September 2021. In September 2022, the platform made a further expansion into the Ethereum ecosystem, adding support for Bored Ape Yacht Club, Pudgy Penguins, and Otherside.
A Tough But Important Choice
Co-founder and CEO of Magic Eden Jack Lu tweeted his appreciation for the efforts made by the leaving staff members. In a statement posted in the same thread, Lu noted that changing the organization’s structure and duties was required as the business expanded, faced new difficulties, and established its goals for 2023.
Providing Assistance to Those Affected by the Layoffs
Magic Eden will provide two months of severance compensation, waive the one-year stock option vesting requirement, permit leaving workers to keep their computers, and extend healthcare coverage for an extra six months to assist individuals affected by the layoffs. This week, the firm will concentrate on assisting people who are leaving Magic Eden with the transfer, according to Lu.