SuperRare, a marketplace for curated non-fungible tokens (NFTs), has minimized its employees by up to 30%, as stated by John Crain (its CEO) on Friday. This decision shows that the crypto winter is posing an extreme impact on the industry as several sectors of the market have been chilled because of it. Crain has stated in a Twitter post that swift growth was witnessed by the firm when the market of NFTs was booming.
SuperRare Lays off 30% of Employees amid Crypto Winter
That was the time, according to the CEO when the company made extra hiring however it is not in a position right now to compensate them. The executive mentioned that the recent bull market saw the firm growing in line with the market. As noted by Crain, the respective enthusiastic advancement turned out to be unsustainable for SuperRare and compelled them to overhire. The CEO took responsibility for the mistake.
The executive did not provide any details regarding the types of redundancy packages to be given to the ousted employees. However, the CEO disclosed that the company will do everything necessary to assist them to move toward the latest opportunities along with providing support for future endeavors. SuperRare is considered among the prominent brands within the crypto world.
However, the company interestingly witnesses considerably lower trading volume in comparison with the rest of the NFT marketplaces like Magic Eden and OpenSea. The data provided by DappRadar pointed out that, in the previous 30 days, SuperRare administrated a trading volume of $663,000 worth. As compared to this, the 30-day trading volume of OpenSea was $307M while Magic Eden had $80.1M in this regard.
This is because of the model utilized by SuperRare which focuses on the community, the artist, as well as the art along with the NFT artworks of single-edition. On the other hand, Magic Eden and OpenSea are the platforms that use a model containing computer-generated avatars and bear numerous tokens just in one collection.
In addition to this, Crain asserted that despite the decrease caused by the mounting bear market, the company is enthusiastically concentrating on its earliest vision. This deals with providing greater exposure and access to artists in the digital world. The executive added that currently they are going through some headwinds however a remarkable opportunity is still out there for the firm to keep on creating something completely new.
Industry Sees Extensive Staff Cuts Since 2022’s April
Crain noted that minimizing the employees’ headcount assisted the firm to correct its size along with guaranteeing that SuperRare will keep on serving collector and artist communities.
The NFT marketplace has added to the growing list of crypto entities that have lowered their headcounts to keep on operating during the tempestuous conditions in the market. From 2022’s April onward, many worldwide crypto exchanges minimized their employees’ numbers.
In this respect, Coinbase laid off a large number of employees in June. Soon after, OpenSea (an NFT marketplace) cut its staff almost by 20%. Then, crypto brokerage entities, Web3 gaming platforms, payment processing firms, and trading companies cut their respective employees.
In November previous year, up to 11,000 jobs were slashed by Meta Platforms (META). This figure equals nearly 13% of the platform’s total workforce in the Reality Labs and apps divisions. In terms of the most recent firms, it was reported on the 5th of January that Genesis (a crypto lender) chopped off 30% of its staff.
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