NFT marketplace Magic Eden cuts staff by 15%

The leadership of the Solana-based NFT platform Magic Eden has laid off 22 employees, reducing staff by 15%. The Block reports this.

\”Magic Eden has made a difficult decision, parting ways with 22 teammates as part of efforts to restructure the entire company,\” said startup founder Jack Lu.

According to him, the current headcount optimization is largely driven by priorities for 2023. The priorities were developed after a thorough analysis of which structures and roles are needed for ‘the transition to the next phase of scaling’.

Lu stressed that, despite the bear market, the company remains ‘well-capitalised’ and ready to grow.

In June last year Magic Eden raised $130 million following a Series B funding round. It was led by Electric Capital and Greylock Partners.

Not long before that, in March, the NFT marketplace closed a Series A funding round of $27 million. Earlier, the largest American crypto exchange Coinbase, in the course of the third wave of layoffs slashed staff by 20%.