The non-fungible token (NFT) marketplace SuperRare has decreased its employees by thirty percent, according to an announcement made by CEO John Crain on January 6. The company is succumbing to the sufferings of a protracted crypto winter that has chilled several market sectors.
Crain said that he accepts whole accountability for this blunder and blamed rapid expansion and excessive recruiting as the reasons for the decrease in staff. He wrote:
To correct course, we’ve made the difficult decision to rightsize our team, ensuring that SuperRare Labs will be able to continue serving our community of artists, collectors and curators while remaining the destination for the best cryptoart in the world.John Crain
They are aware that there is still a significant amount of innovation and change that is yet to come for Web3, non-fungible tokens (NFTs), crypto art, decentralized finance, and governance, Crain added.
He acknowledges that they are encountering challenges, but maintains that there is a tremendous potential that has not yet been taken advantage of since the firm is still in the process of developing something brand new.
As a result of the volatile market circumstances, SuperRare has scaled down its operations, joining the ranks of an increasing number of other cryptocurrency organizations that have done the same. The number of employees at a number of cryptocurrency exchanges across the world was cut in April.
OpenSea, the leading NFT marketplace, let go of almost twenty percent of its workforce, which was preceded by layoffs at crypto brokerages, trading businesses, payment processing companies, and Web3 game studios.
A bit about SuperRare
Tokens based on the blockchain that are connected to digital and physical material might serve as evidence of ownership, legitimacy, or participation in a group.
Since its inception, a number of prominent figures in the sports and entertainment industries have moved their digital art projects to the NFT platform.
In March of 2021, SuperRare was successful in securing a Series A funding round of $9 million, headed by Velvet Sea Ventures and 1confirmation. In addition, famous investors such as Mark Cuban, Marc Benioff, and Ashton Kutcher participated in the round of funding.