Following a spree of layoffs across the crypto industry in 2022 – a microcosm of the tech industry at large, which also saw plenty of reductions last year – Magic Eden becomes the latest company to cut its headcount.

Magic Eden, an NFT marketplace that up until recently targeted its approach to the NFT market focusing on Solana, has suffered from SOL’s drop in value and the apparition of alternative blockchains for other competitive projects.

As a result, Magic Eden looks to invest in cross-chain integration. According to the letter from the CEO where the layoffs were announced, the project will also be looking into new tools for NFT creators, as well as “social experiences” and reward systems.

As part of a company-wide restructuring, Magic Eden will part ways with 22 teammates.

Despite the unfortunate circumstances, Jack Lu – the CEO and co-founder of Magic Eden, stressed that the layoffs are in no way due to a lack of talent but simply due to a change in priorities for 2023.

(By Jordan Lyanchev)

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