CEO John Crain of SuperRare announced they will let go of 30% of the staff, claiming that they overhired and he is assuming full ownership.
According to CEO John Crain of SuperRare, the non-fungible token (NFT) market, 30% of the staff will be let go. In the screenshot sent on Twitter, Crain claimed that they overhired and that he is assuming full ownership.
Velvet Sea Ventures and 1confirmation spearheaded the 9 million USD Series A funding for SuperRare in March 2021. Crain said,
“To correct course, we have made the difficult decision to rightsize our team, ensuring that SuperRare Labs will be able to continue serving our community of artists, collectors and curators while remaining the destination for the best cryptoart in the world.”
The CEO noted that major innovation and change are still required in the areas of Web3, NFTs, cryptoart, decentralized finance, and governance.
“We are facing headwinds, yes – but there remains an incredible uncaptured opportunity as we continue building something totally new: a global digital art renaissance that is transparent, fair and that anyone can access from anywhere in the world,” he added. “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,” he noted.
The NFT startup received funding from celebrities like Ashton Kutcher, Marc Benioff, and Mark Cuban. One of the biggest NFT marketplaces, OpenSea, co-founder and CEO Devin Finzer, announced earlier this year that about 20% of the staff would be laid off.
MASS LAYOFFS CONTINUE AMID CRYPTO WINTER
Justin Sun, a representative for Huobi, confirmed the 20% employee reduction. A report claims that the company previously required its staff to accept payment in USDC/USDT rather than fiat cash.
The cryptocurrency-focused bank Silvegate has been impacted by the FTX unrest. In the introductory report that was then released for the fourth quarter of 2022.
It showed a significant cryptocurrency withdrawal of 8 billion USD. Following this, the company has made the decision to let go of 200 workers, or 40% of the staff.
Genesis Global is reportedly reducing its personnel by an additional 30% as a result of criticism it has received for financing millions to Sam Bankman-Fried’s enterprise.
