Crypto and non-fungible token-based firms continue suffering the wrath of the prolonged bear market, which began sometime in June 2022. SuperRare Labs, the parent company behind NFT marketplace SuperRare, is the latest crypto player to slash its workforce over the same concerns.
SuperRare Labs Cuts 30% Of Its Staff
SuperRare announced the unfortunate news on Friday last week. While commenting about the layoff, John Crain, the CEO of SuperRare, cited the aggressive growth and over-hiring as the reasons for the recent reduction, saying he takes “full ownership of this mistake.” He explained:
“To correct course, we’ve 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.”
Launched in 2018, SuperRare is a curated NFT art market platform built on the Ethereum blockchain. The NFT marketplace is a creator-friendly platform that offers creators at least 10% as royalties’ fees.
Since its inception, SuperRare has partnered with notable sports and entertainment firms to invest in NFT projects. In March 2021, the NFT marketplace teamed up with Velvet Sea Ventures and crypto fund 1 to raise more than $9 million in a Series A funding initiative.
Crypto Winter Pushes More NFT Projects To Layoff Its Staff
SuperRare now joins a growing list of crypto and NFT projects that have recently slashed their workforce over the prolonged bear market attracted by the recent collapse of Terra and FTX in late 2022.
Other crypto companies that have announced layoffs over the same concerns include Coinbase, laying off 1,100 employees in June, Silvergate Capital, cutting 40%, crypto lending firm Genesis, cutting 30%, and crypto exchange Huobi cutting 20% of its workforce.
In the meantime, the top executive has announced that the SuperRare NFT marketplace will help those affected by the recent layoff transition and probably give them either compensation or new opportunities.
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