Leading Solana NFT Market, magical eden, has reduced its workforce as it restructures its platform. In what it calls a company-wide reorganization, Magic Eden says the goal is to stay nimble during these tough economic times while focusing on offering its users the best services. In this regard, an agreement has been reached with MoonPay to offer new payment options to its users for the purchase of digital collectibles.
Therefore, in the future, users can expect to purchase non-fungible tokens on-chain using a credit or debit card, Apple Pay, and Google Pay. Consequently, the onboarding of new users will be easier.
According to Zhuoxun Yin, Magic Eden’s director of operations, the “The goal is to make NFTs accessible to everyone, allowing people to own and control their digital assets.”
This is good news for fans of the NFT market, which managed to become the most dominant on Solana since its launch in September 2021. A year later, it would expand to Ethereum and provide support for Bored Ape Yacht Club, Pudgy Penguins and Other. side.
The meteoric growth was fueled by a wave of hires in which the company brought in top Web3 talent in various capacities to help manage demand for its services as the NFT market boomed. However, luck would change as the market slowed over the past year.
Magic Eden lays off 22 employees
To weather the storm and still maintain its status as one of the top NFT marketplaces, the company had to lay off 22 employees. In a tweet, Jack Lu, co-founder and CEO of Magic Eden, notes: “We are deeply grateful to these individuals, each of whom has contributed immensely to Magic Eden over the past year. We will honor them and their contributions with the utmost care and respect. We were able to speak to each person 1:1 before sharing this news publicly.”
🧵 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 in this decision takes away from the talent, hard work and dedication of this amazing group of people. pic.twitter.com/2LAGfK9dMV
—Jack Lu (@0xLeoInRio) February 14, 2023
Continue adding, “To be clear, addressing our strategic goals requires making changes to our team.”
To help those who have been affected by the restructuring, the company plans to offer two months of severance, provide healthcare for another six months, allow them to keep their laptops and waive the stock purchase requirement for one year.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the world.
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