Magic Eden Reduces Workforce in Restructuring Move

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  • NFT marketplace Magic Eden has announced a restructuring move resulting in 22 employees being laid off
  • Magic Eden revealed it intends to focus on improving adoption across chains and supporting creators
  • The marketplace will provide affected employees with six months of healthcare cover

NFT marketplace Magic Eden has reduced its workforce noting that the move is part of a restructuring wave cutting across the company. Magic Eden CEO Jack Lu revealed that the marketplace is shifting its focus to attracting adoption from more blockchains and developing creator-centric tools. Affected employees will receive six months of healthcare cover and retain company laptops among other perks meant to help them cope with the unfortunate situation.

A Hard Look, a Smaller Workforce

In an announcement, Lu said that the company needed to “take a hard look” at what roles are needed as it plans to take the company to the next level, a move that resulted in 22 employees losing their jobs. The CEO added that the company’s current goals require a team with “new skills.”

According to Lu, Magic Eden is interested in attracting a larger following on other chains apart from Solana, creating a way for its users to socialize and find ways to enhance NFT creators’ experience on the platform.

To support the affected staff, Magic Eden said it will continue contributing to their healthcare schemes, let the ex-employees keep their company laptops and offer “complimentary career coaching and job placement” among other benefits aimed at helping them have a smooth transition.

Not Everyone is Sincere

Lu’s announcement received support on Twitter with some noting that the CEO was sincere about the situation. Others offered to absorb the former Magic Eden staff while some pointed out suitable opportunities in different blockchain companies.

Lu’s approach is different considering crypto companies like Kraken took a not-so-sincere method to lay off staff who learnt about their predicament through disabled laptops. Although Magic Eden didn’t expressly mention the influence of the current crypto winter season on its decision, the move coincides with that of other NFT platforms like LooksRare which laid off some staff as a way to survive the bear market.