After a spate of job cuts across the cryptocurrency industry in 2022, Magic Eden will be the latest company to cut headcount in a microcosm of the tech industry as a whole, which saw many layoffs last year.
Reorganization due to the evolution of Solana
Magic Eden, an NFT market that until recently targeted its Solana-focused approach to the NFT market, suffered From the declining value of SOL and the emergence of alternative blockchains for other competing projects.
As a result, Magic Eden is looking to invest in cross-chain integration.According to a letter from the CEO in which the layoffs were announced, the project also Looking New tools for NFT creators, “social experiences” and reward systems.
“Since then, our business has grown significantly and the nature of our challenges has evolved. Focus areas for 2023 include increasing traction across the chain, developing services for NFT creators, rewards and social experiences. This includes exploring new use cases such as: We needed to take a closer look at what structure and roles we needed when establishing these priorities for the year.” – Read the statement.
Ongoing support for those who have been laid off
Despite the unfortunate circumstances, Jack Lu, CEO and co-founder of Magic Eden, stressed that the layoffs were never due to a lack of talent, but simply a shift in priorities for 2023. bottom.
🧵 Today is a sad day in Magic Eden.
As part of a company-wide restructuring, I have made the difficult decision to say goodbye to 22 of my teammates. Nothing about this decision diminishes the talent, hard work and dedication of these incredible people. pic.twitter.com/2LAGfK9dMV
— Jack Leo (@0xLeoInRio) February 14, 2023
As a result, each affected employee receives a severance package to support them while they search for a new job. This retirement package consists of two months of salary, six months of healthcare, and his one-year subscription to Headspace, a healthcare industry company focused on mental health. I’m here.
In addition, each laid-off employee is allowed to keep a company-provided laptop and is entitled to future job search support, including coaching, letters of recommendation, and more.
In a pleasant surprise, the director of Aptos Labs offered a future job offer to a recently laid-off Magic Eden employee.
If any of them are looking for a role, Aptos is actively recruiting talent for all positions.
We are specifically looking for people involved in the Rockstar Ecosystem and NFTs.
— Austin 💚 (@austinvirts) February 14, 2023
The timely announcement should help recently laid-off employees.Other employers across the NFT space, such as Origin, have also responded to the news by posting their posts. the current Job Information.
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