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The NFT market SuperRare is chopping 30% of its workers, 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 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 celeb buyers like Mark Cuban, Marc 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 in a position to make the most of the bull market. But regardless 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 workers, or about 230 staff, 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 unbelievable uncaptured alternative as we proceed constructing one thing completely new.”
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