In the midst of crypto-winter, the leading NFT marketplace, SuperRare, has reduced its staff by 30%. SuperRare’s CEO John Crain backed this decision by saying that the marketplace over-hired during the crypto boom to grow with the market.
However, due to the downturn of events that led to bearish conditions, SuperRare has had to part ways with many valued friends and colleagues, he added.
He mentioned in his Slack message that it was a difficult decision to right-size the team. “In recent months it’s become clear that this aggressive growth was unsustainable: we over-hired, and I take full ownership of this mistake,” he explained.
Crain also stated, “Startups are a balancing act of managing rapid growth while doing everything possible to conserve limited resources. During the recent bull run, we grew in tandem with the market”.
However, he didn’t specify in his statement what sort of compensation cut-off staff will get from the company.
Also read: How To Buy NFT on SuperRare
SuperRare is more focused on art, the artist community, and single-edition NFT artworks than the computer-generated avatar model bearing thousands of tokens in a single collection.
Crain also mentioned that because of the crypto winter their growth is currently slow but they are still trying to make a comeback as soon as possible.
“We are facing headwinds, yes — but there remains an incredible uncaptured opportunity as we continue building something totally new: a global digital art renaissance that is transparent, fair, and that anyone can access from anywhere in the world,” he concluded.
The hefty staff cut from SuperRare adds to a wave of blockchain and crypto firms that have shed staff during crypto winter since early December 2022.
