John Crain, CEO of <\/span>NFT marketplace SuperRare<\/span>, announced yesterday, January 6, that the company has laid off 30% of its staff. The decision came amid the prolonged crypto winter the crypto and NFT industry has been lately grappling with. Taking to Twitter, Crain shared a screenshot of a Slack message to his staff, detailing the reasons for the \u201ctough news\u201d. Let\u2019s take a closer look at why SuperRare cut its staff.<\/span><\/p>\n SuperRare is an exclusive crypto art marketplace which allows users to sell and collect digital artwork. Launched in 2018, the marketplace caters exclusively to NFT art. In other words, it is the go-to marketplace for everything from conceptual art to illustrations and NFT photography. Based on the Ethereum blockchain, it features only the most talented and popular up-and-coming artists.\u00a0<\/span><\/p>\n In March 2021, SuperRare raised $9 million in a Series A round of funding. The round was led by Velvet Sea Ventures and 1confirmation, with participation from celebrities like Mark Cuban, Marc Benioff, and Ashton Kutcher.<\/span><\/p>\n Unfortunately, SuperRare NFT marketplace is not the first <\/span>Web3 company<\/span> to lay off its staff\u2014and it probably won\u2019t be the last. Back in June 2022, for example, crypto exchange Coinbase cut its workforce by around 18%. At the time, Coinbase CEO Brian Armstrong noted that the company \u201cgrew too quickly\u201d in the bull market. Amid a looming recession, the company decided to lay off 1,100 employees.<\/span><\/p>\n Later, in July, top NFT marketplace <\/span>OpenSea<\/span> cut about <\/span>20% of its workforce<\/span> due to \u201ccrypto winter and broad macroeconomic instability\u201d. According to CEO Devin Finzer, the company needed to prepare \u201cfor the possibility of a prolonged downturn.\u201d Nonetheless, the top executive was hopeful that the drastic measure would put OpenSea in a position to \u201cbecome the largest market on the planet.\u201d<\/span><\/p>\n Companies like Gemini, Crypto.com, and Meta have also cut their workforce. In fact, Meta let go of over 11,000 employees (about 13% of its staff) across its apps and Reality Labs segments.\u00a0<\/span><\/p>\n Get our free, 5 minutes daily newsletter. Join 25,000+ NFT enthusiasts & stay on top \ud83d\udc4a\ud83c\udf1a<\/p>\n<\/div>\n<\/div>\n![\"SuperRare](\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/01\/superrare.webp\")
![\"SuperRare](\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/01\/John-Crain.jpg.webp)
\n<\/picture>\n<\/noscript>What is the SuperRare NFT marketplace?<\/b><\/span><\/h2>\n
Which other Web3 companies have cut their staff?<\/b><\/span><\/h2>\n
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