Business News Report
February 14, 2023

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

Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.


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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.

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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.

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