Superrare Cuts 30% Of Its Workforce

SuperRare, a non-fungible token (NFT) marketplace, has announced a 30% employee reduction, with CEO John Crain explaining that the company overhired during the last bull market. Crain announced the 30% cut via a tweet on January 7th, accompanied by a screenshot of his message to SuperRare’s Slack channel, adding that he had “some terrible news to offer.”

“Startups are a balancing act of managing rapid growth while doing everything possible to conserve limited resources.” “During the recent bull run, we grew in tandem with the market,” he noted. Crain didn’t outline specifically what sort of redundancy packages the terminated employees will receive, but noted that the firm will “do everything we can to help them transition to new opportunities and support them in their future endeavours.”

SuperRare is one of the most well-known brands in the area, yet it has a substantially lower trade volume than competitors like OpenSea and Magic Eden. According to DappRadar statistics, SuperRare oversaw $663,000 in trade activity during the last 30 days, compared to OpenSea’s $307 million and Magic Eden’s $80.1 million.

This is due in part to SuperRare’s strategy, which focuses on art, the artist community, and limited-edition NFT artworks rather than the computer-generated avatar model with millions of tokens in a single collection, which is popular on OpenSea and Magic Eden. Moving ahead, Crain said that, despite a halt in growth during the crypto bear market, SuperRare remains committed to its original objective of providing more access and visibility to digital artists.

“We are experiencing headwinds, certainly, but there is a tremendous untapped potential as we continue to develop something completely new: a worldwide digital art renaissance that is transparent, fair, and accessible from anywhere in the globe,” he added. SuperRare’s significant workforce reduction adds to a wave of blockchain and crypto enterprises that have eliminated personnel during crypto winter, with at least six organisations doing so since early December 2022 alone.

In terms of the most recent layoffs, it was reported on Jan. 5 that crypto lender Genesis fired off 30% of its workforce, while the apparently ailing crypto exchange Huobi also announced a 20% reduction on Jan. 6. According to a Wall Street Journal article this week, Silvergate, a U.S. bank, let off 40% of its employees as a consequence of an $8.1 billion bank run precipitated by the FTX collapse in November.

To get daily updates & trending news on crypto follow us on:

Facebook:- https://www.facebook.com/CryptoShrypto/

Instagram:- https://www.instagram.com/cryptoshrypto_/?hl=en

Twitter:- https://twitter.com/cryptoshrypto1

Youtube:- https://www.youtube.com/channel/UCdAOUEQ3L_eYjU_NMDA1zxg

The post Superrare Cuts 30% Of Its Workforce appeared first on CryptoShrypto.