NFT SuperRare reduces employees by 30% in response to a market collapse brought on by a protracted crypto winter and nearly every FTX crypto fall.
The extended crypto winter that has frozen many market sectors, according to CEO John Crain, has led to a 30% fall in staff at the curated non-fungible token (NFT) marketplace SuperRare.
Crain said in a statement that was circulated on Twitter that the company overhired as a result of rapid expansion during a time when the NFT market was flourishing.
“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.”
In March 2021, SuperRare received a $9 million Series A fundraising round from Velvet Sea Ventures and 1confirmation. Mark Cuban, Marc Benioff, and Ashton Kutcher, three well-known investors, also participated in the round.
SuperRare differentiates itself from competitors by focusing more on working with artists, despite the fact that bigger platforms like OpenSea were better positioned to benefit from the bull market. Despite being able to raise money at a possibly inflated valuation of over $13 billion, OpenSea has not been spared by the downturn. The business laid off 20% of its workforce in July, leaving 230 workers behind.
The Web3, NFT, cryptography, decentralized finance, and governance all still have a lot of space for innovation and change, John Crain underlined.
"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.”