Leading Solana NFT market, Magic Eden, has diminished its headcount because it restructures its platform. In what it phrases a companywide reorganization, Magic Eden claims the aim is to remain lean throughout these harsh financial occasions because it focuses on providing its customers the most effective providers. On this finish, a deal has been struck with MoonPay to supply new fee choices to its customers for getting digital collectibles.
Therefore, shifting ahead, customers can anticipate to buy non-fungible tokens throughout chains utilizing a credit score or debit card, Apple Pay, and Google Pay. Consequently, new consumer onboarding will develop into simpler.
According to Zhuoxun Yin, the chief working officer at Magic Eden, the “goal is to make NFTs accessible to everyone, enabling individuals to own and control their digital assets.”
This comes as welcome information for followers of the NFT market, which has managed to develop into essentially the most dominant on Solana since its launch in September 2021. A yr later, it will broaden into Ethereum and roll out assist for Bored Ape Yacht Club, Pudgy Penguins, and Otherside.
The meteoric development was fueled by a hiring spree the place the corporate introduced in high Web3 expertise in numerous capacities to assist deal with the demand for its providers because the NFT market boomed. However, fortunes would change because the market slowed during the last yr.
Magic Eden Lets 22 Employees Go
To climate the storm and nonetheless keep its standing as a high NFT market, the corporate has needed to let 22 workers go. In a tweet, Jack Lu, cofounder and CEO of Magic Eden, notes, “We are deeply grateful to these folks—each of them has contributed immensely to Magic Eden over the last year. We will be honoring them and their contributions with the utmost care and respect. We were able to speak with each person 1:1 before sharing this news publicly.”
🧵 Today is a tragic day at Magic Eden.
As a part of a company-wide restructuring, we now have made the tough determination to half methods with 22 teammates. Nothing about this determination takes away from the expertise, hardwork and dedication of this unimaginable group of individuals. pic.twitter.com/2LAGfK9dMV
— Jack Lu (@0xLeoInRio) February 14, 2023
He goes on so as to add, “To be clear-eyed, addressing our strategic goals requires making changes to our team.”
To assist these which were affected by the restructuring, the corporate plans to supply two months’ severance, present healthcare for an additional six months, allow them to preserve their laptops, and take away the 1-year vesting requirement for inventory choices.
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Basil is an avid fan of blockchain expertise and all its improvements, and he’s captivated with sharing this narrative together with his viewers. He has spent over 5 years within the crypto house, specializing in analysis and creating Web3 content material for numerous media retailers across the globe.
