The NFT marketplace SuperRare is cutting 30% of its staff, according to a Slack message from CEO John Crain. Crain posted a screenshot of the message on Twitter.
I have some tough news to share: pic.twitter.com/iLDKqgyhQa
— SuperRare John(@SuperRareJohn) January 6, 2023
“During the recent bull run, we grew in tandem with the market. In recent months, it’s become clear that this aggressive growth was unsustainable,” Crain wrote. “We over-hired, and I take full ownership of this mistake.” TechCrunch reached out to Crain for comment.
In March 2021, Velvet Sea Ventures and 1confirmation led a $9 million Series A funding round for SuperRare. Mark Cuban, Marc Benioff, and Ashton Kutcher, all famous people, also put money into the round.
SuperRare is different from its competitors because it works more closely with artists. However, OpenSea was better able to take advantage of the bull market because it was a larger platform. Even though OpenSea was able to raise money at a possibly inflated valuation of more than $13 billion, it has not been able to avoid the downturn in the stock market. In July, the company fired 20% of its employees, leaving it with 230 workers.
“We know that there is still much innovation and transformation yet to come for Web3, NFTs, cryptoart, decentralized finance and governance,” Crain wrote. “We are facing headwinds, yes — but there remains an incredible uncaptured opportunity as we continue building something totally new.”
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