NFT Platform SuperRare Labs Admits Overhiring and Lays Off 30%
The social-based NFT platform admitted over-hiring during the aggressive crypto growth. The digital artwork marketplace.
SuperRare Labs joined the list of crypto firms embracing job cuts as the winter gets colder for the crypto industry. The NFT marketplace announced on January 6 that it was reducing its headcount by 30%, citing a downtrend in the initial projections.
Laying Off the Overhired Staff
SuperRare chief executive John Crain’s tweet echoed the message conveyed to the employees in Slack admitting responsibility for the over-hiring that necessitated the job cuts.
Crain added that the prevailing turmoil in the crypto market necessitates rightsizing the staff. Correcting the course is inevitable for SuperRare Labs by rightsizing the team to sustain service to the NFT collectors, curators, and artists. By doing so, Crain revealed that SuperRare Labs seeks to retain its reputation as a lead destination for unique crypto art.
SuperRare Attractiveness for NFTs Collections
Since its establishment in 2018, SuperRare has been a lead social network based upon the Ethereum blockchain and integrating art creators and NFTs collectors. SuperRare attractiveness portrays in the inclusion of digital art projects from leading sports and entertainment personalities.
SuperRare Labs had, in March 2021, generated $9 million, where Velvet Sea Ventures and Crypto Fund 1 led the Series A funding round. The round attracted the input of Mark Cuban, SamsungNext, and Sound Ventures by Ashton Kutcher.
SuperRare Labs attracted Snoop Dogg, a renowned hip-hop artist, in November 2021. Snoop collaborated with Coldie, a mixed media artist, in launching NFTs in Miami Art Week. Later in May 2022, iconic musician Madonna linked with digital artist Beeple in setting up an NFT.
Optimism of Crypto Recovery
Crain reassured the employees affected by the 30% layoffs to secure new opportunities.
Despite the headcount reduction, the Crain update portrayed optimism to the retained employees. He noted that SuperRare Labs would undertake innovation by leveraging Web3 and digital art.
Crain observed that despite the current challenges SuperRare, there exists an unexploited opportunity that the NFT marketplace could leverage to steer digital art renaissance in the global space. He added that SuperRare plans to actively shape transparency and access to the digital art renaissance.
The SuperRare decision is comparable to layoffs executed by big tech companies, including Amazon, Salesforce, and Silvergate Capital. The crypto industry is not an exception to the suffering US economy. Recently, Huobi announced 20% job cuts, replicating 40% in Silvergate Capital and 30% in Genesis.
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