The main non-fungible token (NFT) marketplace, SuperRare, has downsized its personnel by thirty percent in the middle of the crypto winter. This move was supported by John Crain, the CEO of SuperRare, who said that the marketplace over-hired employees during the crypto boom in order to keep up with market demand.
However, as a result of the negative turn of circumstances that brought about the bearish conditions, SuperRare has been forced to cut ties with a large number of cherished friends and coworkers, he continued.
In the message that he sent on Slack, he said that it was a difficult choice to right-size the staff. He added, “In the recent months it has been evident that this fast expansion was unsustainable: we over-hired, and I accept full accountability of this error.” “In recent months it has become clear that this aggressive growth was unsustainable.”
Crain also stated, “Startups are a balancing act of managing rapid growth while doing everything possible to conserve limited resources. During the recent bull run, we grew in tandem with the market”.
However, in his statement, he did not elaborate on the kind of compensation that would be provided by the firm to employees who have their jobs eliminated.
The computer-generated avatar model that holds thousands of tokens in a single collection is not as important to SuperRare as the artwork, the artist community, and the limited-edition NFT artworks that are available for purchase.
Crain also noted that the company’s development is now sluggish due to the crypto winter, but that they are still striving to make a return as quickly as possible.
“We are experiencing headwinds, yes; yet, there remains an immense uncaptured potential as we continue constructing something altogether new: a worldwide digital art renaissance that is transparent, fair, and that anybody can access from wherever in the globe,” he concluded. “We are facing headwinds, yes.”
During the crypto winter, beginning in early December 2022, a wave of blockchain and cryptocurrency enterprises have begun laying off employees, including a sizeable portion of SuperRare’s workforce.
Compiled by Coinbold