Metaplex Lays off Its Employees, Citing a Significant Indirect Market from FTX Collapse

Metaplex, a Solana NFT protocol maker, announced today that it has gone through a round of layoffs across the entire company due to the contagion caused by FTX’s collapse last week.

“Today we made the difficult decision to part ways with several members of the Metaplex Studios team,”  Stephen Hess, the company’s co-founder and CEO.

The Indirect impacts was causing the layoffs

According to the CEO, their treasury wasn’t directly adversely affected by the fall of FTX and their fundamentals remain strong, but the indirect impact on the market is monumental, so the firm needs to take a more cautious approach in the future.

“Since Metaplex is the base layer of the Solana NFT ecosystem, it’s our core responsibility to ensure the long term sustainability of the protocol for the benefit of the community,” said the CEO.

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Metaplex powers NFTs on Solana, an alternate NFT network to Ethereum that has grown significantly in recent years.

The company began the year with a $46 million raise completed in January, backed by Multicoin Capital, Jump Crypto, and NBA legend Michael Jordan.

The Ex-employee Response

Following layoffs from their company, some ex-employees have posted on Twitter seeking new jobs,

“Who wants to hire me ?,” said one Twitter user. 

“this is a very real tweet. no longer with metaplex due to layoffs. its times like this that im glad to have built my twitter audience up. my DMs are p full with leads already. bless tf up,” he added.

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Despite this change, the CEO is deeply grateful for all of the contributions of all former team members, and will be placing great emphasis on helping them find new roles within our ecosystem as well as moving forward with critical path work.

“These former team members are truly exceptional, which made this decision even more challenging. If you see “Metaplex Studios” on a resume, I highly encourage you to give this person your consideration,” he said. 

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Jamilatul Mahmudah

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