- SuperRare has cut 30% of its staff as a result of an extended crypto winter.
- CEO John Crain shared that overhiring employees during the market upswing proved to be a mistake.
- SuperRare will emphasize on offering exposure and greater access to digital artists and collectors.
CEO of SuperRare, John Crain, has decreased the staff by 30% owing to the extended crypto winter that has impacted several market sectors.
Crain took to Twitter to share that they witnessed quick growth when the NFT market was doing great, which made them overhire employees.
I have some tough news to share: pic.twitter.com/iLDKqgyhQa— SuperRare John 💎 (@SuperRareJohn) January 6, 2023
He further mentioned that the recent months have cleared that the growth was not sustainable. Taking the ownership of overhiring, he said that it proved to be a mistake.
According to him, reducing the staff supported to rightsize the firm. Also, it made sure that now SuperRare can serve collector and artist communities.
SuperRare has joined the league of crypto firms that have laid off their staff to survive in the current unfavorable market conditions. In April, a number of companies decreased their headcount.
In June, Coinbase laid off 1,1000 employees. After that, OpenSea also laid off over 20% staff and the trend was joined by many trading companies, Web3 gaming studios, crypto brokerages, and payment processing companies.
Meta Platforms slashed 11,000 plus jobs in November, which accounted for 13% of its entire workforce throughout its apps as well as Reality Labs segments.