The Online NFT Marketplace SuperRare is Laying Off Thirty Percent of Its Workforce

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Last Updated on January 7, 2023 by Bitfinsider

John Crain claims that the company overhired employees during the last cryptocurrency and NFT boom, which is the reason why the company’s growth in recent months hasn’t been sustainable. He said: “During the most recent run-up in the market, we saw growth concurrently with it. It has become abundantly clear in the most recent few months that this quick growth cannot be maintained; we overhired, and I am willing to take all responsibility for this folly.” 

According to SuperRare’s analysis, the company will be a “rightsize” after reduction in the number of employees. In the end, this will ensure that the market can continue to serve the community of artists and collectors without being hindered in any way, and it will make sure that this happens.

SuperRare is joining a long list of cryptocurrency companies that have been severely impacted by the sharp downturn that occurred in the previous year as a result of their decision to downsize in order to remain profitable in the face of volatile market conditions. As was the case with the prices of crypto assets, the overall NFTs market experienced significant declines in 2022.

Since April, leading cryptocurrency exchanges such as Coinbase and Kraken have been reducing their workforces by terminating employees. OpenSea, the largest NFT marketplace, announced that approximately twenty percent of its employees would no longer be needed. This was followed by layoffs at crypto brokerages, trading firms, payment processors, and Web3 gaming studios.

In the month of November, Meta Platforms (META) laid off almost 11,000 employees across its apps and Reality Labs divisions, which is equivalent to 13% of the company’s total workforce.

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