The slowdown in NFT trading has forced SuperRare to launch a restructuring plan. Its CEO John Crain announces a 30% reduction in staff.
“We’ve over-hired,” says SuperRare CEO John Crain, who says 30% of the company’s employees will be laid off.
“I am saddened to share the news that today we had to part ways with many valued friends and colleagues at SuperRare Labs, a reduction in staff of about 30%.
Faced with a crypto and NFT market that has collapsed in recent months, it is indeed increasingly difficult for some companies in the sector to hold on financially until crypto and NFT trading activity picks up again.
On Twitter, its boss John Crain said on January 7 that the company was forced to correct its development trajectory. After having “over-recruited” at the time of the bull market, the marketplace must therefore lay off. The restructuring concerns 30% of the employees.
During the recent bull market, we have grown in tandem with the market. In recent months, it has become clear that this aggressive growth was not sustainable: we hired too much and I fully assume this mistake”, writes the manager.
In this context, the company in the non-fungible token market must therefore readjust the size of its teams to preserve itself during the crypto winter. The development of the sector is “a marathon, not a sprint,” justifies John Crain.
An announcement that contrasts with the world leader Binance, which on the contrary continues to hire, in France and in the rest of the world.
The CEO of SuperRare is also optimistic about the future of the sector and its uses. “We are facing headwinds, yes – but there is still an incredible opportunity to be seized as we continue to build something totally new.
We know there is still a lot of innovation and transformation to come for Web3, NFTs, crypto art, decentralized finance and governance,” he further argues.