The NFT market SuperRare is reducing 30% of its employees, in line with a Slack message from CEO John Crain. Crain posted a screenshot of the message on Twitter.
“Through the current bull run, we grew in tandem with the market. In current 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.”
TechCrunch reached out to Crain for remark.
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 opponents by focusing extra carefully on working with artists, however broader platforms like OpenSea had been extra efficiently in a position to make the most of the bull market. But although OpenSea has managed to lift 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 workers, 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 unimaginable uncaptured alternative as we proceed constructing one thing completely new.”