John Crane, CEO of curated non-fungible token (NFT) marketplace SuperRare, said on Friday, January 6, that the company is reducing its workforce by thirty percent as a direct result of the prolonged crypto winter. Is.
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According to John Crane, their growth hasn’t been sustainable in recent months because of the company’s imposed During the last crypto and NFT boom.
“During the most recent run-up to the market, we saw growth alongside it. In recent months it has become clear that this rapid growth cannot be sustained; We overhired, and I am willing to take full responsibility for this folly.
In SuperRare’s assessment, reducing the workforce would “right size” the company. Subsequently, this will ensure that the market can continue to serve its community of artists and collectors without being affected.
Bear market effect on NFTs
To stay afloat in the face of volatile market conditions, SuperRare is halving, joining a long list of crypto firms that have been severely hit by last year’s sharp decline. Overall, the NFTs market, such as crypto asset prices, recorded a significant decline in 2022.
Since April, top-tier crypto exchanges like Coinbase and Kraken have been laying off employees. Largest NFT marketplace, open seadeclared nearly 20% of its staff redundant, followed by crypto brokerages, trading firms, payment processors and web3 Gaming Studio.
In November, Meta Platforms (META) laid off nearly 11,000 employees across its App and Reality Labs divisions, equivalent to 13% of the company’s workforce.
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