NFT Marketplace SuperRare Reduces Workforce by 30% Amidst Turbulent Market Conditions

SuperRare CEO John Crain announced via Twitter that the NFT marketplace is cutting 30% of its staff, sharing a screenshot of the message in his post.

“The recent bull run saw us growing too quickly, proving unsustainable. That was my mistake and I take full ownership of it – we over-hired,” Crain wrote.

TechGround contacted Crain for a statement.

SuperRare raised a hefty $9M Series A in March 2021, led by Velvet Sea Ventures and 1confirmation. High-profile investors Mark Cuban, Mark Benioff, and Ashton Kutcher also joined the round.

SuperRare stands out from the competition by working closely with artists. Despite OpenSea’s sizable valuation of over $13 billion, they weren’t immune to the downmarket and had to lay off 230 employees in July.

“Web3, NFTs, cryptoart, decentralized finance and governance are still ripe for innovation and transformation,” Crain remarked. “Though we face challenges along the way, there’s an incredible opportunity to create something completely new.”

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Ava Patel

Ava Patel is a cultural critic and commentator with a focus on literature and the arts. She is known for her thought-provoking essays and reviews, and has a talent for bringing new and diverse voices to the forefront of the cultural conversation.

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