Non-fungible token (NFT) marketplace, SuperRare, is slashing 30 percent of its workforce, CEO John Crain has announced.
Crain has admitted that the company over-hired and that he takes full ownership of this “mistake”.
“To correct course, we have 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,” said the CEO.
SuperRare raised $9 million in its Series A funding back in March 2021, led by Velvet Sea Ventures and 1confirmation. Celebrities like Mark Cuban, Marc Benioff and Ashton Kutcher also invested in the NFT startup.
The CEO said there is still much innovation and transformation yet to come for Web3, NFTs, cryptoart, decentralized finance and governance.
“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 said.
Another leading NFT marketplace, OpenSea’s co-founder and CEO Devin Finzer last year said that they would be firing about 20 percent of their total employees.
“When the global economy is uncertain, our mission to build the foundation for new, peer-to-peer economies feels more urgent and important than ever. Winter is our time to build,” he had said.
Things are not looking great for blockchain and crytpo in general. Last week, it was reported that cryptocurrency volatility erased over 70,000 Bitcoin millionaires only in 2022.