Magic Eden Sacks 22 Employees As Company Restructures – Here’s Why

Many crypto firms are now restructuring to improve results after the 2022 crypto winter. For instance, Magic Eden and Coinbase laid off staff to cushion the effects of the crypto winter. Other firms that have also restructured operations include Crypto.com and Digital Currency Group (DCG). Crypto.com laid off 20% of its employees while DCG filed for bankruptcy. 

The latest firm to join the trend is Magic Eden. According to the report, its expansion needs have necessitated the decision to drop some employees from its workforce.

Magic Eden Restructures To Accommodate Changes

The core focus of Magic Eden is NFT. The non-fungible token marketplace on Solana has decided to expand its horizon. It plans to integrate new tools to support NFT creators and boost its reward systems and social experiences.

In a letter by Magic Eden’s CEO, Jack Lu, the marketplace has spent 15 months searching for products that will be suitable on the Solana blockchain. He noted that along the way, the firm recorded impressive growth and new challenges. As such, it now plans to lean toward other areas, such as providing services for NFT creators, pursuing cross-chain growth, and discovering other use cases. 

In his words, the proposed expansions for 2023 mean that the old structure must be readjusted and new roles created to suit the priorities. So, the firm must create an all-encompassing team with the right skills and experience to reach its goals. 

Jack Lu Appreciates Laid-Off Staff and Discloses Support Plans

The Magic Eden co-founder and CEO took to Twitter to appreciate all the staff laid off from the firm. He commended them for their hard work at ME and stated that the company would honor them for such services with respect. 

According to the CEO, the management spoke to each person among the 22 employees before announcing the layoff. He reiterated that the staff dropped are still highly competent in their areas of specialization. 

As for supporting them, Magic Eden CEO disclosed that each person would receive severance packages to sustain them while searching for new jobs. According to the details, the package includes six months of healthcare, two months of salaries, and a 1-year Headspace subscription. The latter is a firm that provides mental well-being services.

Also, Magic Eden will allow the staff to hold on to their official laptops, give them recommendation letters, and provide coaching support if necessary.

Notably, the director of Aptos Labs, Austin, responded to Jack Lu’s posts offering job opportunities to the laid-off staff. Many other firms also shared the vacancies in their various firms, indicating that losing their jobs didn’t rob them of their skills and qualifications. 

Featured image from Pexels and chart from Tradingview.com