Non-fungible token (NFT) marketplace Magic Eden on Monday announced that it would be laying off 22 members of its staff as part of a “company-wide restructuring.” Though the company promised to take care of the laid off employees to their fullest.
The company CEO and co-founder Jack Lu said that the company needed to make changes to its team and restructure it in order to reach new goals in 2023, increase efficiency and optimize the business.
The company officials even said that many of the products are “entering new stages of growth”. The leading Solana-based NFT marketplace has taken a hit as the price of SOL has fallen sharply over the past year. In response, it has expanded support for Ethereum and Polygon-based NFTs to help it stay competitive against marketplaces like OpenSea.
Late last year, the company became embroiled in the debate over creator royalties, switching to a royalty-optional model, which led to a temporary dip in trading volumes.
Also read: Magic Eden Proposal aims to Build NFT Marketplace for ApeCoin Holders
