Last updated on February 5th, 2025 at 11:45 am
Magic Eden, a non-fungible token (NFT) marketplace, has announced that it will dismiss 22 employees due to a company-wide restructure. This represents approximately 15% of their staff, considering the 141 employees listed on LinkedIn.
???? 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
Magic Eden is the latest cryptocurrency firm to reduce staff strength, with Luno of the Digital Currency Group reducing 35%, Coinbase cutting 20%, and Genesis cutting 30% last month.
According to a statement by CEO Jack Lu, Magic Eden has made the difficult decision to part ways with 22 team members as part of a company-wide reorganization initiative. The internal structures and roles required were carefully examined to establish priorities for 2023, and difficult choices had to be made to find the right combination of positions to pursue the next stage of scaling across chains.
Jack Lu expressed his appreciation for the significant contributions of the affected individuals in a Twitter thread. He stated that they would be treated with the utmost respect and attention. Each person was spoken to individually before the information was made public.
Jack Lu added:
“This week, we will focus our energy on helping the people who are transitioning from Magic Eden. Next week, we will regroup, refocus, and move forward.”
According to the statement, Magic Eden will provide two months of severance pay, waive the one-year stock options vesting requirement, let affected employees keep their computers, and extend healthcare benefits for an additional six months to assist those who have been let go.
Other NFT platforms have also downsized recently due to the prolonged crypto winter and its impact on market activity. OpenSea laid off approximately 20% of its workers in July 2022, and NFT marketplace SuperRare reduced its workforce by 30% last month.
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