Mass layoffs have become the norm in the tech industry, with many assets losing heavily in 2022. Companies like Twitter and Facebook have moved toward layoffs to manage losses and revenue. This development has been the same in the crypto world, with many companies using layoffs to manage the effects of the economic downturn.
2023 has started similarly, with the SuperRare Labs NFT marketplace announcing that they will lay off 30% of their staff. The announcement comes in the face of an economic recession threat as the crypto market continues its volatility.
Rapid Expansion and Excess Hiring to Blame
According to the CEO, John Crain, the company is trying to negate the problems that the “crypto winter” set in 2022. However, according to John, the company’s mistakes are clear with excessive hiring and rapid expansion without consideration of the volatile industry.
The CEO says that during the bull market, the company grew with the bull, but in 2022, it became crystal clear that the growth was an illusion, and the slump in crypto hit the company hard.
The avid CEO says that the company fully acknowledges its mistake and that the difficult decision to downsize the number of employees is for the company’s good. He believes the decision will help the company continue its exploits and serve the larger NFT community that depends on the service.
The CEO says that the company is aware that there is more to come from Web3 and that NFTs, Crypto, and other digital assets have a long way to go in innovation and change.
SuperRare joins many other companies in the crypto sector to lay off their staff. For example, OpenSea, the largest NFT marketplace, let go of 20% of its human resource, while Coinbase let go of more than 1,000 employees last year.
About SuperRare
SuperRae is an NFT marketplace that works closely with artists to create unique artworks and is built on the Ethereum blockchain. The company’s main lure is that it ensures the scarcity and authenticity of artists’ works.
This fact makes them an attractive bet for NFT artists who face a lot of risk from fraud and copyright infringement. The platform also offers tools for artists to create and display their digital artworks and a community for artists and collectors to connect.
The company raised over $8 million in Series A funding, which saw the company hit new heights before the crypto slump. According to John, all employees have become close friends, and it saddens him to let valued members go due to the economic conditions.
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