NFT Marketplace SuperRare Announces Mass Termination
SuperRare, the non-fungible token (NFT) marketplace has decided to lay off 30% of its workforce, CEO John Crain announced.
Crain in the screenshot on Twitter said that he is taking full ownership and that they are overstaffing. The USD 9 million Series A fundraising for SuperRare was led by Velvet Sea Ventures and 1confirmation in March 2021.
Crain said, “To course-correct, we’ve made the difficult decision to size our team to ensure that SuperRare Labs will be able to continue to serve our community of artists, collectors and curators while remaining the destination for the best crypto in the world.” “
NFT marketplace was financed by recognized personalities
The CEO argued that Web3, NFTs, cryptocurrencies, decentralized finance and governance still need significant innovation and reform.
“We face headwinds, yes – but an incredible untapped opportunity remains as we continue to build something entirely new: a global digital art renaissance that is transparent, fair and accessible to anyone from anywhere in the world,” he added .
“When the global economy is uncertain, our mission to build the foundation for new peer-to-peer economies feels more urgent and important than ever. Winter is our time to build,” he noted.
Celebrities such as Ashton Kutcher, Marc Benioff and Mark Cuban contributed to the NFT startup. Devin Finzer, co-founder and CEO of OpenSea, a top NFT marketplace, said earlier last year that around 20% of the company’s workforce would be let go.
Mass layoffs continue amid crypto winter
Huobi’s Justin Sun confirmed the news that Huobi cut its workforce by 20%. According to a report, the firm previously forced its employees to accept payment in USDC/USDT instead of fiat currency.
The unrest from FTX has hit the crypto-focused bank Silvegate. In the preliminary report published then for the last quarter of 2022. It indicated a huge withdrawal of cryptos worth 8 billion USD. Following this, the company has decided to lay off its 200 employees, which make up 40% of the workforce.
According to reports, Genesis Global is cutting its workforce by another 30% as the firm faces heat for lending millions to Sam Bankman-Fried’s crypto empire.
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