SuperRare cuts 30% of staff as growth slows during crypto winter

Non-fungible token (NFT) market SuperRare has announced a 30% staff-member cut as CEO John Crain discussed that the company mistakenly over-hired throughout the last bull market.

In a Jan. 7 tweet, Crain shared a screenshot of his message to SuperRare’s Slack channel announcing the 30% cut, stating that he had “some difficult news to share.”

“Startups are a balancing act of handling fast development while doing whatever possible to save limited resources. During the current bull run, we grew in tandem with the marketplace” he noted, including that:

“In current months it’s ended up being clear that this aggressive growth was unsustainable: we over-hired, and I take complete ownership of this mistake.”

I have some difficult news to share: pic.twitter.com/iLDKqgyhQa!.?.!— SuperRare John(@SuperRareJohn)January 6, 2023 Crain didn’t detail specifically what sort of redundancy plans the ended workers will get, but kept in mind that the company will”do whatever we can to help them transition

to new opportunities and support them in future endeavours.”SuperRare is one of the greatest names in the area, however notably sees significantly less trading volume than competing NFT markets such as OpenSea and Magic Eden. According to information from DappRadar,

SuperRare managed $663,000 worth of trading volume over the previous 30 days, compared to OpenSea’s 30-day trading volume of$307 million and Magic Eden’s$80.1 million. This is due in part to SuperRare’s design which is more concentrated on art, the artist neighborhood and single-edition NFT art work as opposed to the computer-generated avatar design bearing thousands of tokens in a single collection, which is popular on OpenSea and Magic Eden. Related: Industry seeks options for NFT image-hosting catastrophes Moving forward, Crain detailed that despite a slowing of development throughout the crypto bearish market, SuperRare is still concentrated on pressing on with its preliminary vision of opening up higher access and direct exposure to digital artists.”We are facing headwinds, yes– however there remains an extraordinary uncaptured opportunity as we continue developing something totally brand-new: a worldwide digital art renaissance that is transparent, reasonable which anybody can access from anywhere in the world,”he concluded. The substantial staff cut from SuperRare adds to a wave of blockchain and crypto firms that have shed personnel throughout crypto winter, with Pandoraland reporting on a minimum of six business doing so since early December

2022 alone. In regards to the most recent business to decrease head counts, it was reported on Jan. 5 that crypto lender Genesis laid off 30 %of its personnel, while the apparently struggling crypto exchange Huobi also announced a 20%cut on Jan. 6.

A report from The Wall Street Journal today likewise indicated that U.S. bank Silvergate cut 40%of its personnel as an outcome of an$8.1 billion bank run that was triggered in reaction to the FTX collapse in November.