Magic Eden Implements Restructuring, Cuts 22 Jobs

Magic Eden Implements Restructuring, Cuts 22 Jobs

Magic Eden, a non-fungible token (NFT) marketplace, announced a “company-wide restructuring” that will result in 22 staff members being laid off.

Despite this, CEO Lu reaffirmed the company’s commitment to supporting its employees through the transition period. Magic Eden has expanded its support for Ethereum and Polygon-based NFTs, as the fall in SOL prices has hit the Solana-based marketplace’s performance.

Magic Eden’s Shift to a Royalty-Optional Model Causes Trading Volume Decline

The company has faced recent controversy over creator royalties, with the implementation of a royalty-optional model resulting in a temporary decline in trading volumes. Nonetheless, Lu expressed optimism for the growth of the platform’s products.

Magic Eden’s move to downsize is aimed at streamlining its operations and increasing its efficiency in the face of competition from other online marketplaces like OpenSea. The company’s long-term goal remains to provide a platform for artists and creators to sell their unique products, and it plans to continue to invest in its platform, user experience, and expansion.

Magic Eden Stays Committed to Providing Platform for Creators and Expanding Offerings

Despite the layoffs, Magic Eden remains committed to its mission of providing a platform for artisans and creators to sell their unique products. The company plans to continue investing in its platform, improving its user experience, and expanding its offerings.

The restructuring at Magic Eden is a necessary step for the company’s future success. While it may be a difficult time for the staff affected by the layoffs, the company remains committed to its mission and to its community of creators and customers.