SuperRare Labs, which is behind NFT marketplace SuperRare announced on Friday that it would be cutting its staff by 30%.
John Crain (CEO of SuperRare) tweeted the news. It was a message he had sent to his employees in Slack.
Crain cited aggressive growth and over-hiring as the reasons for the reduction, saying he takes “full ownership of this mistake.”
“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,” he wrote.
Inaugurated in 2018 SuperRare This social network is for artists and collectors of NFTs using the Ethereum blockchain. NFTs Blockchain-based tokens that are linked to physical and digital content provide proof of ownership, authenticity or membership in a particular group.
SuperRare has been a platform for digital art from many big names in entertainment and sports.
SuperRare will be raised in March 2021 $9 million Velvet Sea Ventures, crypto fund 1confirmation led a Series-A funding round. Joining in the raise were Mark Cuban, Ashton Kutcher’s Sound Ventures, and SamsungNext. In November, a hip-hop artist and NFT collector was added to the mix. Snoop Dogg During Miami Art Week, Coldie and NFT collaborated on a NFT collaboration. Music icon Coldie was featured on SuperRare during Miami Art Week in May 2022. Madonna SuperRare launched an NFT collection in partnership with digital artist Beeple
Crain stated that SuperRare would assist those who were affected by the layoffs to find new opportunities.
Although the news of the company’s reduction might sound terrible, Crain tried to be optimistic in his note addressed to employees. He said that Web3 and digital arts are still subject to innovation and transformation.
“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.
Decrypt SuperRare was contacted for more information but has not yet responded.
A few days before 2023 ends, many crypto companies announced layoffs as a result of the prolonged crypto winter and contagion following the collapses of Terra, Three Arrows Capital and FTX. Silvergate Capital The crypto lending company has cut 40% of its workforce Genesis Crypto exchange is being cut 30% Huobi This is a 20% reduction.
It’s not only crypto that is suffering from layoffs. There are also large tech companies from Salesforce To Amazon As the U.S. economy continues the downward spiral, they are cutting jobs.