Magic Eden, the leading marketplace for Solana non-fungible tokens, has announced laying off 22 of its member staff, citing company restructuring amid the prolonged general crypto bear market, which has lasted for several months.
In a February 14 announcement, Magic Eden NFT marketplace confirmed the shedding of its 22 members employees. The NFT market platform has cited the broader company restructuring amid the extending crypto market winter.
Today is a sad day at Magic Eden.
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
— Jack Lu (@0xLeoInRio) February 14, 2023
Magic Eden NFT Marketplace To Lays Off 22 Of Its Staff
Launched in September 2021, Magic Eden is a decentralized digital market platform that runs on the Solana network. The NFT marketplace allows users to create, buy and sell Solana and Ethereum-based NFTs.
For the past few years, the NFT marketplace has been recording significant growth to hit $1.6 billion in valuation. But, in recent months, Magic Eden appears to have suffered from the ongoing extended crypto winter to the point of restricting in order to grapple with a harsh market winter.
While commenting about the unfortunate staff layoff news in a blog post, Jack Lu, the co-founder and chief executive officer of Magic Eden NFT Marketplace, remarked:
“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 and their contributions with the utmost care and respect. We were able to speak with each person 1:1 before sharing this news publicly.”
In a subsequent tweet, Jack Lu shared that his company will help those affected by the recent layoff. Magic Eden will offer two months’ severance, remove the 1-year vesting requirement for stock options, let them keep their laptops, and provide them with healthcare for another six months:
“This week, we will focus our energy on helping the people who are transitioning from Magic Eden. Next week, we will regroup, refocus, and move forward.”
NFT Winter Pushes More NFT Firms to Layoff Their Staffs
The prolonged general crypto winter continues pushing more crypto and non-fungible token projects to shed off their staff members. Last month, the SuperRare NFT market platform slashed 30% of its staff over the same concerns.
In November 2022, Metaplex, a Solana-based digital assets incubation studio, confirmed laying off some of its staff. The NFT firm also cited the recent crypto market meltdown that continues to spread across the Web3 ecosystem.
Since the start of 2023, several prominent crypto and NFT companies, including Huobi, Coinbase, Luno, Blockchain.com, and Crypto.com, have announced laying off their staff members over the same concerns.
- FTX Contagion Pushes Metaplex To Lay Off Some Of Its Staff
- Extended Crypto Winter Pushes SuperRare NFT Marketplace To Cut 30% Of Its Staff
- The NFT Winter Pushes Dapper Labs To Lay Off 22% Of Its Staff
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