Why NFT Marketplace SuperRare Is Sacking 30% Of Workforce

NFT startup SuperRare has started to take drastic measures in order stay in business in the face of an extended crypto winter, giving the pink slip to some members of its workforce.

According to the contents of a screenshot that was shared on Twitter recently, Chief Executive Officer John Crain said he is now taking full ownership of the non-fungible token marketplace and one of his first courses of actions is to “rightsize” the company team. 

In doing so, SuperRare will have to bid farewell to 30% of its employees although Crain was quick to clarify that the decision was simply a corrective measure for their over-hiring that is now starting to negatively affect its day-to-day operations.

Still, speculations run aplenty as some believe that this could still be part of the winter overflow that has ravaged the digital assets industry.

Steering NFT Marketplace Towards The Right Direction

As he assumes full ownership of SuperRare, which completed a $9 million Series-A fundraising led by Velvet Sea Ventures and 1confirmation back in March 2021, Crain has shared some of his plans to ensure that the company will still be the destination for the best cryptoart in the world.

The CEO said that various aspects of the startup such as Web3, NFT items, DeFi and finance are in need of game-changing reforms and innovations.

Such are necessary as SuperRare embarks on a journey to establish a transparent and fair global digital art renaissance that could be accessed by anyone from anywhere in the world.

Expressing optimism in the midst of this challenging time for the crypto market, Crain said:

“When the global economy is uncertain, our mission to build the foundation for new, peer-to-peer economies feels more urgent and important than ever. Winter is our time to build.”

Meanwhile, the NFT marketplace – which has drawn contributions from the likes of Hollywood celebrity Ashton Kutcher, Marc Benioff and billionaire Mark Cuban – has yet to release the exact number of individuals that will be removed from its umbrella of dedicated team members.

Crypto total market cap at $784 billion on the weekend chart | Chart: TradingView.com

SuperRare Joins The Lay-Off Party

During the earlier part of 2022, Devin Finzer, the CEO and co-founder of SuperRare’s fellow NFT marketplace OpenSea announced that it has been put into a position where it needed to let go around 20% of its employees.

Cryptocurrency-focused companies, such as Huobi, are also in the same boat as company advisor Justin Sun revealed plans of reducing their own workforce by 20%.

Silvegate, a crypto-dedicated bank, was also left with no choice but to say goodbye to 200 workers, which accounts for 40% of its total labor force, following the events that led to the collapse of crypto exchange FTX.

-Featured image: SuperRare