SuperRare, an NFT marketplace has announced that it will reduce its staff strength by 30%, becoming the latest company hit by the downturn in the crypto market. The news was made available to the general public via the official Twitter handle of CEO John Crain. The CEO mentioned that the message has also been sent to the group where workers with the company belong on Slack.
SuperRare to cut 30% of its staff
According to his thread, Crain claimed that SuperRare underwent aggressive growth over the last few years, with the CEO also citing the massive hiring of staff. Crain mentioned that he takes full blame for the issues and accepts them as his mistake. He mentioned that the company has decided to reduce staff strength to be able to serve users across the platform.
Crain also noted that the platform still has its sights set on becoming a big platform where artists and curators showcase their arts and home to some of the biggest buyers of digital art. He said the company is running against limited resources and doing everything to ensure the funds are used well. Crain noted that the bull run came at the time that the company was aggressively hiring to ensure that they are up to the task with the market needs.
Crain promises to help axed employees transition
The platform began service in 2018, and has hosted a lot of digital art belonging to some of the biggest companies and artists worldwide. In March 2021, the company announced that it had raisedf about $9 million in a funding round in which other companies participated. Some months after hip pop artist Snoop Dogg, announced he was hosting his digital art on the platform. Last year, another musical legend Madonna teamed up with versatile digital artist Beeple to launch her NFTs on the platform.
The CEO also mentioned that SuperRare would be on hand to help those affected by the job cuts to move into new positions in the market. Although the news sounded urgent at the time, the CEO has allayed fears over any dire situation while stating that the company is primed for better opportunities in the NFT market. 2023 has not been the brightest year for crypto companies, with a chunk of them choosing to downsize while others still have papers in court to sign off on their bankruptcy process since last year.