NFT SuperRare market cuts 30% of its staff
NFT SuperRare Marketplace is cutting 30% of its workforce, according to a Slack message from CEO John Crain. Crain posted a screenshot of the message on Twitter.
“During the recent bull run, we have been growing in line with the market. In recent months, it has become clear that this aggressive growth is not sustainable,” Crain wrote. , and I fully assume this error."
TechCrunch has contacted Crain for comment.
SuperRare raised $9 million in Series A in March 2021, led by Velvet Sea Ventures and 1confirmation. The round also included celebrity investors like Mark Cuban, Marc Benioff and Ashton Kutcher.
SuperRare differentiates itself from its competition by focusing more on working with artists, but larger platforms like OpenSea have been more successful in capitalizing on the bull market. Yet even though OpenSea managed to rise to a possibly inflated valuation of over $13 billion, it was not immune to the market downturn. The company laid off 20% of its staff, leaving it with 230 employees, in July.
“We know there is still a lot of innovation and transformation to come for Web3, NFTs, cryptoart, decentralized finance and governance,” Crain wrote. "We are facing headwinds, yes, but there remains an incredible untapped opportunity as we continue to build something totally new."
NFT SuperRare Marketplace is cutting 30% of its workforce, according to a Slack message from CEO John Crain. Crain posted a screenshot of the message on Twitter.
“During the recent bull run, we have been growing in line with the market. In recent months, it has become clear that this aggressive growth is not sustainable,” Crain wrote. , and I fully assume this error."
TechCrunch has contacted Crain for comment.
SuperRare raised $9 million in Series A in March 2021, led by Velvet Sea Ventures and 1confirmation. The round also included celebrity investors like Mark Cuban, Marc Benioff and Ashton Kutcher.
SuperRare differentiates itself from its competition by focusing more on working with artists, but larger platforms like OpenSea have been more successful in capitalizing on the bull market. Yet even though OpenSea managed to rise to a possibly inflated valuation of over $13 billion, it was not immune to the market downturn. The company laid off 20% of its staff, leaving it with 230 employees, in July.
“We know there is still a lot of innovation and transformation to come for Web3, NFTs, cryptoart, decentralized finance and governance,” Crain wrote. "We are facing headwinds, yes, but there remains an incredible untapped opportunity as we continue to build something totally new."
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