Magic Eden cuts staff 15%

Leading NFT exchange Magic Eden is the latest name in the wake of a wave of layoffs amid a difficult backdrop for the entire crypto industry.

Magic Eden cuts staff 15%

The NFT exchange will say goodbye to 22 people, accounting for about 15% of the 141 employees listed on the company’s LinkedIn.

CEO Jack Lu made this a difficult decision and shared the company’s upcoming leg in a statement:

“Magic Eden has made the difficult decision to part ways with 22 teammates as part of a company-wide restructuring effort. As we set our priorities for 2023, we scrutinized what structures and roles were needed internally and had to make tough decisions to find the right mix of roles. the right role to be able to pursue the next phase of on-chain scaling.”

The CEO affirmed his belief in the future of NFT:

“We share with the rest that the company is still very large-cap and has a long way to go. Even in today’s downtrend, we still believe in Magic Eden’s trajectory in 2023 and beyond.”

The year 2023 begins with a relatively stable recovery of the entire market, but it is also the time when it sees a series of companies fall into difficulties, forced to cut labor to save costs. Some of the big layoffs that can be mentioned earlier this year include:

– Floor Coinbase 20% reduction in personnel;

ConsenSys cut more than 100 jobs;

– Floor Huobi cut 20% of total personnel;

– Floor Bybit 30% reduction of total personnel; cut 28% of the workforce;

CoinTracker 20% reduction in personnel;

Chainalysis cut 44 personnel;

Microsoft laid off 100 people from the Metaverse division.

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