NFT market SuperRare cuts 30% of employees •

The NFT market SuperRare is slicing 30% of its employees, in response to a Slack message from CEO John Crain. Crain posted a screenshot of the message on Twitter.

“In the course of the current bull run, we grew in tandem with the market. In current months, it’s turn into clear that this aggressive progress was unsustainable,” Crain wrote. “We over-hired, and I take full possession of this error.” reached out to Crain for remark.

SuperRare raised a $9 million Collection A in March 2021, led by Velvet Sea Ventures and 1confirmation. The spherical additionally included movie star buyers like Mark Cuban, Marc Benioff and Ashton Kutcher.

SuperRare differentiates itself from rivals by focusing extra intently on working with artists, however broader platforms like OpenSea had been extra efficiently capable of make the most of the bull market. But despite the fact that OpenSea has managed to lift at a presumably inflated valuation of over $13 billion, it has not been proof against the downmarket. The corporate laid off 20% of its employees, or about 230 workers, in July.

“We all know that there’s nonetheless a lot innovation and transformation but to come back for Web3, NFTs, cryptoart, decentralized finance and governance,” Crain wrote. “We face headwinds, sure — however there stays an unbelievable uncaptured alternative as we proceed constructing one thing completely new.”

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