SuperRare NFT Announces Mass Layoffs

SuperRare NFT Announces Mass Layoffs

According to CEO John Crain, 30% of the staff at SuperRare, a non-fungible token (NFT) marketplace, will be let go.

In the tweeted screenshot, Crain claimed responsibility for the situation and admitted that they had overstaffed. In March of 2021, Velvet Sea Ventures and 1confirmation steered SuperRare through a $9 million Series A funding round.

SuperRare NFT Announces Mass Layoffs
SuperRare NFT Announces Mass Layoffs

As Crain put it,

"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."

According to the CEO, there is still room for significant development and improvement in Web3, NFTs, crypto art, 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, 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.

NFT's celebrity backers include Ashton Kutcher, Marc Benioff, and Mark Cuban. Similarly, the CEO and co-founder of OpenSea, a leading NFT marketplace, Devin Finzer, announced layoffs of about 20% of the company's staff earlier in the year.

Disclaimer: Nothing on this site should be construed as a financial investment recommendation. It’s important to understand that investing is a high-risk activity. Investments expose money to potential loss.



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