Business News Report
February 14, 2023

Magic Eden Parts Ways with 22 Employees, Announces Partnership with MoonPay

In Brief

The layoff comes as part of a company-wide restructuring.

Magic Eden is offering laid off employees severance, career coaching and job placement services.

The NFT platform also announced a partnership with MoonPay.

Magic Eden Parts Ways with 22 Employees, Announces Partnership with MoonPay

Magic Eden co-founder Jack Lu published an open letter today announcing the company’s decision to part ways with 22 employees as part of a company-wide restructuring. 

Lu said that the company had to make changes to its team in order to reach its strategic goals for 2023 and that its current team has to possess new skills and expertise without losing momentum. The company said that it had informed each individual affected by the changes via dedicated calls and expressed gratitude to all for their contributions to the growth of the business. 

Magic Eden also pledged to support these individuals in finding their next roles by offering them two months’ severance, extending the exercise period to one year, providing healthcare for another six months, and a year’s subscription to the guided meditation app Headspace, as well as setting up complimentary career coaching and job placement services. All employees will also be able to keep their laptops.

According to the company, its focus areas for 2023 include growing traction across chains, developing services for NFT creators, and exploring new use cases like rewards and social experiences.

While Magic Eden joins other NFT platforms like SuperRare and OpenSea in laying off staff, the company has emphasized that it remains strongly capitalized with a long runway, even in today’s bear market. Last June, Magic Eden hit unicorn status after a $130 million fundraise.

Many of our products are entering new stages of growth, and we will make it our utmost priority to support these products with the strongest teams.

Lu wrote in his letter to employees.

The leading Solana NFT marketplace recently expanded support for digital collectibles on Ethereum in August and Polygon for web3 gaming in November as Solana took a hit following the FTX collapse. 

Today, Magic Eden also announced a partnership with Web3 payment infrastructure provider MoonPay to allow users to purchase NFTs using a credit or debit card, Apple Pay, and Google Pay. As Magic Eden Chief Operating Officer Zhuoxun Yin explained in a press release, “Our goal is to make NFTs accessible to everyone, enabling individuals to own and control their digital assets.”

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

More articles
Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

Hot Stories
Join Our Newsletter.
Latest News

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Read More
Read more
HyveDA Unveils X Committee In Partnership With Lido, Lists wstETH As First Collateral
News Report Technology
HyveDA Unveils X Committee In Partnership With Lido, Lists wstETH As First Collateral
November 21, 2024
Bitfinex: Bitcoin Jumps 39.5% In Nine Days, Indicating Surge In Investor Interest
News Report Technology
Bitfinex: Bitcoin Jumps 39.5% In Nine Days, Indicating Surge In Investor Interest
November 21, 2024
Bybit Launches Gold & FX Treasure Hunt Competition, Offering Real Gold Rewards
News Report Technology
Bybit Launches Gold & FX Treasure Hunt Competition, Offering Real Gold Rewards
November 21, 2024
Gate Group Introduces Gate Crypto Card, Offering Seamless Global Crypto Payments For EEA Residents
News Report Technology
Gate Group Introduces Gate Crypto Card, Offering Seamless Global Crypto Payments For EEA Residents
November 21, 2024