NFT SuperRare Cuts 30% Of Staff Amid Market Crisis

Key Points:

• NFT SuperRare cuts 30% of staff during the general crisis of the crypto market.
• Cuts due to excess human resources at the time of the NFT boom.
• The CEO of SuperRare emphasized that there is still a lot of room for innovation and transformation in Web3, NFT, cryptography, decentralized finance, and governance.

Faced with a market meltdown after a prolonged crypto winter and almost every FTX crypto crash, NFT SuperRare cuts 30% of staff.

CEO John Crain said on Friday that the curated non-fungible token (NFT) marketplace SuperRare had decreased its employees by 30% as a result of the extended crypto winter that has froze numerous market sectors.

Crain claimed in a statement shared on Twitter that the company had significant expansion during a period when the NFT market was thriving and that it overhired as a result.

“During the recent bull run, we grew in tandem with the market,(…). In recent months, it’s become clear that this aggressive growth was unsustainable: We overhired, and I take full ownership of this mistake.”

Crain wrote

Velvet Sea Ventures and 1confirmation led a $9 million Series A funding round for SuperRare in March 2021. Celebrity investors Mark Cuban, Marc Benioff, and Ashton Kutcher were also a part of the round.

SuperRare sets itself apart from rivals by concentrating more on collaborating with artists, although larger platforms like OpenSea were better equipped to capitalize on the bull market. Even though OpenSea was able to raise money at a potentially exaggerated valuation of over $13 billion, the downturn has not spared the company. In July, the company fired 20% of its employees, leaving it with 230 workers.

Still, John Crain emphasized that there is still a lot of room for innovation and transformation in Web3, NFT, cryptography, decentralized finance, and governance.

“We know that there is still much innovation and transformation yet to come for Web3, NFTs, cryptoart, decentralized finance and governance,(…). We are facing headwinds, yes – but there remains an incredible uncaptured opportunity as we continue building something totally new.”

Crain wrote

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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