NFT Platform SuperRare Slashes 30 Percent Of Its Workforce: Here's Why

SuperRare CEO John Crain said there is still much innovation and transformation yet to come

SuperRare is the latest firm to face the effects of the ongoing crypto winter.

Source : Getty

As crypto winter deepens, the non-fungible token (NFT) marketplace SuperRare is slashing 30 per cent of its workforce, its CEO John Crain has announced. In a screenshot posted on Twitter, Crain said they over-hired and 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.

I have some tough news to share: pic.twitter.com/iLDKqgyhQa

— SuperRare John 💎 (@SuperRareJohn) January 6, 2023

SuperRare raised $9 million in its Series A funding 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, crypto art, decentralised 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 announced to lay off about 20 per cent of its 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.

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)

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