JAKARTA Magic Eden, the top marketplace for Solana NFT, announced on Monday night that it will lay off 22 employees. This is due to restructuring across the company as the wider crypto economy continues to grapple with a harsh winter.
Since early 2023, several leading crypto companies, including Huobi, Coinbase, Blockchain.com, Crypto.com, and Luno, have also announced layoffs. This indicates that the crypto market is experiencing difficult times.
Jack Lu, CEO of Magic Eden, said that today is a sad day for his company. He said that as part of the company's restructuring, they had made difficult decisions to part with 22 teammates. However, he stressed that the decision cannot reduce the talent, hard work and dedication of this extraordinary group of people.
The layoff shows how difficult the current crypto economic situation is. However, Magic Eden and other crypto companies remain committed to continuing to grow and face existing challenges. These company investors and customers hope that the crypto market will recover and develop stably.
Magic Eden was launched in September 2021 and quickly became one of the most popular markets on the Solana blockchain for NFT, according to DappRadar. The expansion into the Ethereum ecosystem was also carried out in September 2022, launching support for the Bored Ape Yacht Club, Pudgy airing, and Otherside.
Jack Lu, co-founder and CEO of Magic Eden, said they were very grateful to the people who had made a tremendous contribution over the past year. Lu added that they would respect employees who were laid off with great care and respect. Before sharing this news with the public, Magic Eden spoke with everyone personally.
In a letter shared via thread on Twitter, Lu explained that the changes were made due to the different nature of challenges from the beginning to the present. He added that Magic Eden must pay close attention to what structure and role it takes when the company sets its priorities for 2023.
Today is a sad day at Magic Eden. As part of the company's restructuring, we have made difficult decisions to part ways with 22 teammates. None of these decisions can reduce the talent, hard work, and dedication of this extraordinary group of people," said Jack Lu (@0xLeoInRio) February 14, 2023.
Lu further outlined his plans in the near future following this announcement. "This week, we will focus our energy on helping people who are in the transition period from Magic Eden," Lu was quoted as saying by Decrypt. "Next week, we will reunite, refocus, and move forward," he added.
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