logo

SuperRare releases new employee update

SuperRare

TL;DR Breakdown

  • SuperRare releases updates about its employees
  • The company wants to cut 30% of its workers
  • CEO Crain promises to help axes workers

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.

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

Related News

Hot Stories

Cardano price analysis: ADA falls to $0.3800 support, what is next for the crypto?
TRON Academy Sponsors Princeton Blockchain Club and Partners with TRON Climate Initiative
Is Solana Dead? SOL Resurrects at 114%
Filecoin price analysis: FIL shows bearish at $5.12 as selling pressure intensifies
Bitcoin sells at a 60% premium in Nigeria as the government shifts to a cashless policy

Follow Us

Industry News

Bitcoin sells at a 60% premium in Nigeria as the government shifts to a cashless policy
China's step towards cryptocurrency regulations
Read why Floki Inu supply is set to decrease by 4.2 trillion FLOKI tokens
Chinese central bank former exec explains why China is wary of crypto
Binance burns 16m worth of BNB tokens; transitions from the ERC20 version of BNB to BEP2

Add Your Heading Text Here