NFT SuperRare Reduces 30% of Staff in Market Crisis

Key Points: NFT SuperRare reduces 30% of its staff during the general crypto market crisis.
Excessive human resources during the NFT boom led to job losses.
SuperRare’s CEO stressed that there is still much room for innovation and transformation in Web3, NFT and cryptography as well as decentralized finance and governance.
NFT SuperRare has cut 30% of its staff after a market meltdown following a prolonged crypto-winter and almost every FTX cryptocurrency crash.
“During the recent bull market, we grew in tandem the market ,(…). It’s been clear that this rapid growth was not sustainable in recent months. We overhired and I fully own this mistake.
Crain wroteVelvet sea Ventures and 1confirmation led a $9 Million Series A financing round for SuperRare in February 2021. The round also included celebrity investors Marc Benioff and Ashton Kutcher. OpenSea was able raise money at an exaggerated valuation, of more than $13 billion. However, the company has not been spared by the downturn. The company laid off 20% of its employees in July. It now has 230 employees.
“We are aware that Web3, NFTs and cryptoart will continue to be transformed ,(…).. Although we are facing headwinds, there is still an amazing untapped opportunity to continue building something completely new.
Crain wroteDISCLAIMER. The information on this website is intended to be general market commentary. It does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: coincu.comFoxyCoincu NewsTags: # Cryptocurrencies#MarketsBlockchaincryptoCut staffNFTSuperRare