The NFT market SuperRare is reducing 30% of its workers, in keeping with a Slack message from CEO John Crain. Crain posted a screenshot of the message on Twitter.
“Throughout the latest bull run, we grew in tandem with the market. In latest months, it’s grow to be clear that this aggressive progress was unsustainable,” Crain wrote. “We over-hired, and I take full possession of this error.”
SuperRare raised a $9 million Series A in March 2021, led by Velvet Sea Ventures and 1confirmation. The spherical additionally included celeb 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 in a position to reap the benefits of the bull market. But though OpenSea has managed to boost at a possibly inflated valuation of over $13 billion, it has not been proof against the downmarket. The corporate laid off 20% of its staff, leaving it with 230 staff, in July.
“We all know that there’s nonetheless a lot innovation and transformation but to come back for Web3, NFTs, cryptoart, decentralized finance and governance,” Crain wrote. “We face headwinds, sure — however there stays an unbelievable uncaptured alternative as we proceed constructing one thing completely new.”