NFT Marketplace SuperRare Cuts Staff by 30% amid Crypto Market Downturn; Curated non-fungible token (NFT) marketplace SuperRare has announced layoffs for 30% of its staff, citing the extended crypto winter and its impact on the company's growth.
In a statement posted on Twitter, CEO John Crain admitted to overhiring during the NFT market upswing, and said that the cuts were necessary to "rightsize" the company and ensure its continued ability to serve the artist and collector communities.
"During the recent bull run, we grew in tandem with the market," Crain wrote. "In recent months, it's become clear that this aggressive growth was unsustainable: We overhired, and I take full ownership of this mistake."
SuperRare is not alone in its struggles amid the current market conditions. Many other crypto companies have reduced their headcount in recent months, including Coinbase, which laid off 1,1000 employees in June, and OpenSea, which cut roughly 20% of its staff.
Crypto brokerages, trading firms, payment processing companies, and Web3 gaming studios have also announced layoffs. In November, Meta Platforms (META) slashed more than 11,000 jobs – an estimated 13% of its workforce – across its apps and Reality Labs segments.