Magic Eden ‘Restructuring’ Effort Claims 22 Jobs

The NFT marketplace is restructuring its team to align with strategic goals for 2023.

Magic Eden NFT robo-boy character holding a crown in front of paintbrush strokes
  • Magic Eden has dismissed 22 team members.
  • The CEO stated that aligning the team with the company’s goals was necessary.
  • The NFT marketplace provides support for the affected employees.

Magic Eden is streamlining their operations to remain competitive in the current NFT landscape.

On February 14th, 2023, the leading NFT marketplace shared a blog wherein CEO and co-founder Jack Lu announced a “company-wide restructuring” and associated employee layoffs. 

Lu later shared a thread in which he expressed his empathy for the affected individuals, assuring the community that the layoffs had occurred before the news went public in the interest of those impacted.

The CEO revealed that it was a “difficult and painful decision” to part ways with the 22 teammates. The decision was illuminated during an assessment of the companies’ strategic goals, considering the expertise required to propel the ecosystem in the desired direction. 

Aligning with the Vision

Magic Eden has reportedly evolved to a state where the team needed to implement changes to align with their vision for 2023.

The marketplace’s goals moving forward will be centered around “growing traction across chains, developing services for NFT creators, and exploring new use cases like rewards and social experiences.”

Lu has stated that the strategic goals for the marketplace will require team members who must encompass a certain skill set and expertise to drive the evolution of Magic Eden “without losing momentum.”

Magic Eden will provide alternative means of support for the ex-staff members this week before moving into a “reset” period to move the ecosystem forward.

On the Flipside

Why You Should Care

Magic Eden is celebrated as the most significant NFT marketplace on the Solana blockchain. The marketplace’s recent employee notice is part of a series of layoffs across the crypto ecosystem since the dawn of the notorious crypto winter of 2022.

Read more about Magic Eden’s loyalty program:
Magic Eden NFT Marketplace Rolls Out Loyalty Program, Native Token in Talks

Find out more about when the Magic Eden community went bonkers for BONK:
BONK-Themed NFT Collection on Magic Eden Sells Out in Hours

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Monique Brelage

Monique Brelage is a South African cryptocurrency news reporter at DailyCoin focused on the Cardano (ADA) and Solana (SOL) ecosystems. She aims to convert complex topics into digestible and engaging news pieces for readers of all knowledge levels.   Before her journey with DailyCoin, Monique has immersed herself in the realm of NFTs and Web 3.0 since 2019. Her experience in multiple industries enables her to conduct critical analyses and convert it into her writing. She acknowledges the profound impact decentralization, Web 3.0 technology, and everything beyond will have on the future.   Monique completed a Bachelor of Communication from NWU in 2020. Her background in media studies, creative writing, and philosophy helped shape her method of news curation, thereby ensuring a broader perspective to help readers remain critical of what they see. Monique's articulation, writing quality, and work ethic are professional qualities she takes pride in.   Monique lives on a farm in South Africa with her partner and cat. She works on her NFT and tattoo art in her free time, and enjoys the natural world around her. She likes reading material that broadens her perspective, indie music, and video games to blow off some steam.