Magic Eden, a Non-fungible token (NFT) marketplace, announced on Monday that it would be laying off 22 members of its staff as part of a “company-wide restructuring”. CEO and co-founder Jack Lu explained that the changes were necessary to reach new goals in 2023. The restructuring is part of Magic Eden’s efforts to become a leader in the NFT space and to continue to provide users with the best experience possible. The company is committed to helping those affected by the layoffs and will be providing them with severance packages and other support. Magic Eden is confident that the restructuring will help them reach their goals and continue to provide users with the best NFT experience.
Today, Magic Eden has made the difficult decision to part ways with 22 teammates as part of a company-wide restructuring. This decision was not taken lightly and was made with the utmost respect for the talent, hard work, and dedication of the affected individuals. Despite this difficult decision, Magic Eden remains committed to providing the best possible service to its customers and to creating a positive work environment for its remaining employees. We thank the affected individuals for their contributions to Magic Eden and wish them the best in their future endeavors.
Solana, a blockchain-based platform, has seen significant growth in the past 15 months. In order to reach their goals for 2023, they must make changes to their team structure and roles. This includes adding new skills and expertise to their team, as well as focusing on growing traction across chains, developing services for NFT creators, and exploring new use cases like rewards and social experiences. Solana is committed to making these changes in order to reach their goals and continue their success.
The leading Solana-based NFT marketplace has seen a decline in the price of SOL over the past year, leading to a transition period for the platform. In order to stay competitive, the platform has expanded its support for Ethereum and Polygon-based NFTs. CEO Lu has pledged to help affected employees during this transition and has stated that many of the platform’s products are entering new stages of growth. This move is expected to help the platform remain competitive against other marketplaces like OpenSea.
NFT platform Rarible recently became embroiled in a debate over creator royalties when it switched to a royalty-optional model, resulting in a temporary dip in trading volumes. Other NFT marketplaces have also been affected by the ongoing crypto winter, with SuperRare cutting 30% of its staff and OpenSea laying off 20% in July 2022. Despite the challenging market conditions, Rarible remains committed to providing creators with the tools and resources they need to succeed in the NFT space.
