SuperRare, a non-fungible token (NFT) marketplace, has announced cutting 30% of its staff. According to CEO John Crain, the company had over-hired during the last bull market, leading to the need for downsizing. Crain stated that cutting staff was not taken lightly but necessary for the company’s long-term sustainability.
As per the statement by Crain on Twitter, the company achieved rapid growth when the NFT market was thriving, leading them to overhire in response. The downsizing will put the company on the right path to future endeavors.
During the recent bull run, we grew in tandem with the market,” Crain wrote. “In recent months, it’s become clear that this aggressive growth was unsustainable: We overhired, and I take full ownership of this mistake.
Other Similar Jobs Cut
A report from The Wall Street Journal this week also indicated that U.S. bank Silvergate cut 40% of its staff due to an $8.1 billion bank run triggered in response to the FTX collapse in November.
SuperRare has joined the ranks of cryptocurrency companies that have had to downsize to remain financially stable during market instability. Coinbase, which laid off 1,100 employees in June, began reducing its workforce. The leading NFT marketplace, OpenSea, made layoffs for 20% of its staff. Other crypto companies, like brokerages, trading firms, payment processing companies, and Web3 gaming studios, have also cut their staff.
SuprRare Business Volume Analysis
SuperRare is one of the biggest names in the marketplace. However, it achieved lower trading volume than other NFT marketplaces such as Magic Eden and OpenSea. SuperRare had a trading volume of $663,000 over the past 30 days, as recorded by DappRadar, while OpenSea saw $307 million in trading volume, and Magic Eden had $80.1 million in the same period.
Despite experiencing a slowdown in growth during the current bear market for cryptocurrencies, SuperRare’s CEO, Crain, has indicated that the company is still committed to its original goal of increasing access and exposure for digital artists.
Related Reading | ECB Senior Executive Calls For Online Gaming-Style Crypto Regulation
We are facing headwinds, yes — but there remains an incredible uncaptured opportunity as we continue building something new: a global digital art renaissance that is transparent, fair, and that anyone can access from anywhere in the world.