Many crypto companies are now reorganizing to increase their results after the crypto season 2022. For example, Magic Eden and Coinbase lays off staff to reduce the effects of future crypto. Other companies that have also restructured their operations include Crypto.com and Digital Currency Group (DCG). Crypto.com Lay off 20% of their employees when DCG filed for bankruptcy.
The latest company to join the trend is Magic Eden. According to the report, the need for expansion necessitated the decision to lay off some employees from the workforce.
Magic Eden Restructures To Accommodate Change
Magic Eden’s core focus is NFT. The non-fungible token market in Solana has decided to expand its horizons. It plans to integrate new tools to support NFT creators and boost the reward system and social experience.
At letter by CEO of Magic Eden, Jack Lu, the market has been waiting for 15 months to find a product that will be suitable in the Solana block. They noted that along the way, really recorded impressive growth and new challenges. So now the plan is to lean into other areas, such as providing services to NFT creators, pursuing cross-chain growth, and finding other use cases.
In other words, the proposed expansion for 2023 means that old structures will have to be reorganized and new roles created to match priorities. So, companies need to build an all-encompassing team with the right skills and experience to achieve their goals.
Jack Lu Appreciates Staff Layoffs and Discloses Support Plans
The Magic Eden co-founder and CEO took to Twitter to respect all the employees who were fired from the company. He commended him for his hard work in ME and stated that the company would treat his service with respect.
According to the CEO, management spoke with each of the 22 employees before announcing the layoffs. He reiterated that the removed staff were still competent in their areas of specialization.
To support them, the CEO of Magic Eden announced that everyone will receive a severance package to support them while they look for new jobs. According to the details, the package includes six months of health care, two months of salary, and 1 year of Headspace subscription. The latter is a company that provides mental health services.
Also, Magic Eden will allow staff to hold official laptops, provide letters of recommendation, and provide coaching support as needed.
In particular, the director of Aptos Labs, Austin, responding to Jack Lu’s post offering job opportunities to laid-off staff. Many other companies also share vacancies in various companies, showing that losing a job does not rob you of your skills and qualifications.
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