• Magic Eden has dismissed 22 team members in an effort to restructure their operations and remain competitive in the NFT landscape.
• CEO Jack Lu expressed his empathy for the affected individuals, stressing that the decision was made with their best interests in mind.
• Magic Eden had recorded a trading volume of $85M in January 2023, representing 9.7% of the market according to DappRadar.
Magic Eden Announces Restructuring
Magic Eden has announced a company-wide restructuring effort which includes dismissing 22 team members. On February 14th, 2023, CEO and co-founder Jack Lu shared a blog wherein he explained the necessity of realigning their team with the company’s goals to remain competitive in the current NFT landscape.
CEO Expresses Empathy
As part of this difficult decision, Lu expressed his empathy for those affected by stating that nothing about this decision takes away from their talent, hardwork and dedication. He also noted that this decision was made before news went public in order to protect those impacted.
Magic Eden Records Impressive Trading Volume
Despite undergoing restructuring efforts, Magic Eden continues to perform well on its platform; recording a total trading volume of $85M in January 2023 which accounted for 9.7% of the market according to DappRadar data.
Other Platforms Undergo Similar Changes
Magic Eden isn’t alone among its peers; SuperRare reduced its staff by 30% while OpenSea terminated approximately 20% of its employment during recent months as well.
Support For Affected Employees
The marketplace will provide alternative means of support for its ex-staff members before moving forward into a „reset“ period to move the ecosystem forward and align with their vision for 2023.