SuperRare, a non-fungible token (NFT) marketplace, has announced a 30% staff cut after CEO John Crain said the company mistakenly overhired during the last bull market.
In a tweet on January 7th, Crain share A screenshot of his message to SuperRare’s Slack channel announcing the 30% cut and stating, “I have some tough news to share.”
“Startups are a balancing act of managing rapid growth while doing everything possible to conserve limited resources. I grew up,” he said, adding:
“The last few months have made it clear that this aggressive growth is unsustainable. We over-hired and I take full responsibility for this mistake.”
I have some tough news to share. pic.twitter.com/iLDKqgyhQa
— Super Rare John (@SuperRareJohn) January 6, 2023
Crain didn’t specifically outline what kind of severance package laid-off employees would receive, but said the company would “help them transition to new opportunities and support them in their future endeavours.” I will do everything I can to help.”
Although SuperRare is one of the biggest names in the space, it’s worth noting that the trading volume is significantly lower than competing NFT marketplaces such as OpenSea and Magic Eden.
According to DappRadar data, SuperRare recorded $663,000 worth of trading volume over the past 30 days, while OpenSea’s 30-day trading volume was $307 million and Magic Eden $80.1 million.
This contrasts with the popular computer-generated avatar models of OpenSea and Magic Eden, which contain thousands of tokens in one collection, SuperRare with a greater focus on art, artist community and single-edition NFT artwork. is based on the model of .
Related: Industry Seeks Solution to NFT Image Hosting Disaster
Despite slowing growth in the crypto bear market, Crain said SuperRare remains focused on advancing its original vision of expanding access and exposure to digital artists. said.
“Yes, we face headwinds. But as we continue to build something completely new, there remains an incredible opportunity. It’s a global digital art renaissance accessible to everyone, anywhere in the world,” he concludes.
Job cuts from Super Rare have spurred a wave of blockchain and crypto companies to lay off staff during the crypto winter, with Cointelegraph reporting that at least six have done so since early December 2022 alone. I am reporting.
As for the most recent companies to cut jobs, crypto lender Genesis reportedly laid off 30% of its workforce on Jan. 5.
US bank Silvergate cut 40% of its staff in the wake of the $8.1 billion bank run in response to the FTX collapse in November, according to a Wall Street Journal report this week.