NFT market SuperRare cuts 30% of employees • TechCrunch
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The NFT market SuperRare is slicing 30% of its employees, based on a Slack message from CEO John Crain. Crain posted a screenshot of the message on Twitter.
“During the recent bull run, we grew in tandem with the market. In recent months, it’s become clear that this aggressive growth was unsustainable,” Crain wrote. “We over-hired, and I take full ownership of this mistake.”
TechCrunch reached out to Crain for remark.
SuperRare raised a $9 million Series A in March 2021, led by Velvet Sea Ventures and 1confirmation. The spherical additionally included movie star traders like Mark Cuban, Marc Benioff and Ashton Kutcher.
SuperRare differentiates itself from rivals by focusing extra carefully on working with artists, however broader platforms like OpenSea have been extra efficiently capable of benefit from the bull market. But regardless that OpenSea has managed to lift at a possibly inflated valuation of over $13 billion, it has not been resistant to the downmarket. The corporate laid off 20% of its staff, or about 230 workers, in July.
“We know that there is still much innovation and transformation yet to come for Web3, NFTs, cryptoart, decentralized finance and governance,” Crain wrote. “We are facing headwinds, yes — but there remains an incredible uncaptured opportunity as we continue building something totally new.”
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