Magic Eden Announced Workforce Reduction as Part of Restructuring

  • According to Jack Lu the company needed to make changes.
  • MoonPay and Magic Eden announced a partnership.

As part of a company-wide restructuring, non-fungible token (NFT) marketplace Magic Eden announced on Monday that it will be letting go of 22 of its employees. Jack Lu, the CEO, and co-founder of Magic Eden, wrote on Twitter that the firm needed to make staff adjustments to meet new objectives in 2023.

 Jack Lu  stated:

 As we established our priorities for 2023, we took an in-depth look at what structures and roles are needed internally, and had to make hard decisions to find the right mix of roles for us to pursue the next stage of scaling across chains.

Lu pledged to assist impacted staff during their transition. And noted that several platform products are entering new stages of growth. Other NFT platforms have scaled back recently as the ongoing crypto winter continues to stifle market activity. While OpenSea laid off about 20% of its workers in July 2022, NFT marketplace SuperRare reduced its workforce by 30% last month.

As a result of the sharp decline in SOL’s price, the leading Solana-based NFT market has suffered. In response, to continue competing with marketplaces like OpenSea, it has increased support for Ethereum and Polygon-based NFTs.

Magic Eden Partners With MoonPay

And also Magic Eden has partnered with Web3 payment platform MoonPay to provide new payment options for purchasing digital collectibles. Users of Magic Eden are now able to buy NFTs using a variety of payment methods. This includes debit cards, credit cards, Apple Pay, and Google Pay. Using Solana, Ethereum, and Polygon NFTs, Magic Eden is a cross-chain NFT platform. 

As per reports, MoonPay, which has handled about $3.5 billion in transactions across more than 160 nations, will offer the NFT platform multichain onboarding payment solutions so Magic Eden customers may purchase NFTs with credit cards, debit cards, Apple Pay, Google Pay, and more.