Thursday, June 20, 2024
NFT

NFT Marketplace SuperRare Downsizes 30% of Staff Due to Extended Crypto Winter

  • SuperRare, a non-fungible token (NFT) marketplace, has laid off 30% of its staff due to the prolonged crypto winter.
  • CEO John Crain stated that the company overhired during the market boom, leading to unsustainable growth.
  • The layoffs were necessary to “rightsize” the company and ensure its ability to continue serving the artist and collector communities.
  • SuperRare is not the only crypto company to downsize amid challenging market conditions, with exchanges, NFT marketplaces, brokerages, trading firms, payment processing companies, and Web3 gaming studios all making cuts.

SuperRare, a non-fungible token (NFT) marketplace, has laid off 30% of its staff due to the extended crypto winter that has affected the market.

In a statement, CEO John Crain admitted that the company had overhired during the market boom, leading to unsustainable growth. Crain stated that the layoffs were necessary to “rightsize” the company and ensure its ability to continue serving the artist and collector communities.

SuperRare is not the only crypto company to downsize amid challenging market conditions, with exchanges, NFT marketplaces, brokerages, trading firms, payment processing companies, and Web3 gaming studios all making cuts.

In November, Meta Platforms (META) laid off 13% of its workforce after reporting a loss of $3.9B. Additonally to that, several other crypto companies have announced layoffs including Coinbase, Gemini, Crypto.Com and Celsius.

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