NFT market SuperRare cuts 30% of employees • TechCrunch

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

“Through the latest bull run, we grew in tandem with the market. In latest months, it’s change into clear that this aggressive development was unsustainable,” Crain wrote. “We over-hired, and I take full possession of this error.”

TechCrunch 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 traders like Mark Cuban, Mark Benioff and Ashton Kutcher.

SuperRare differentiates itself from rivals by focusing extra carefully on working with artists, however broader platforms like OpenSea have been extra efficiently capable of benefit from 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 resistant to 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 return for Web3, NFTs, cryptoart, decentralized finance and governance,” Crain wrote. “We face headwinds, sure — however there stays an unimaginable uncaptured alternative as we proceed constructing one thing completely new.”