Magic Eden Restructures to Ride Ride Out Winter

Leading Solana NFT marketplace, Magic Eden, has reduced its headcount as it restructures its platform. In what it terms a companywide reorganization, Magic Eden claims the goal is to stay lean during these harsh economic times as it focuses on offering its users the best services. On this end, a deal has been struck with MoonPay to offer new payment options to its users for buying digital collectibles.

Therefore, moving forward, users can expect to purchase non-fungible tokens across chains using a credit or debit card, Apple Pay, and Google Pay. Consequently, new user onboarding will become easier.

According to Zhuoxun Yin, the chief operating officer at Magic Eden, the “goal is to make NFTs accessible to everyone, enabling individuals to own and control their digital assets.”

This comes as welcome news for fans of the NFT marketplace, which has managed to become the most dominant on Solana since its launch in September 2021. A year later, it would expand into Ethereum and roll out support for Bored Ape Yacht Club, Pudgy Penguins, and Otherside.

The meteoric growth was fueled by a hiring spree where the company brought in top Web3 talent in various capacities to help handle the demand for its services as the NFT market boomed. However, fortunes would change as the market slowed over the last year.

Magic Eden Lets 22 Employees Go

To weather the storm and still maintain its status as a top NFT marketplace, the company has had to let 22 employees go. In a tweet, Jack Lu, cofounder and CEO of Magic Eden, notes, “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.”

🧵 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

He goes on to add, “To be clear-eyed, addressing our strategic goals requires making changes to our team.”

To help those that have been affected by the restructuring, the company plans to offer two months’ severance, provide healthcare for another six months, let them keep their laptops, and remove the 1-year vesting requirement for stock options.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.