CEO John Crain said the company overhired during the market upswing and could not sustain its growth in recent months.
Curated non-fungible token (NFT) marketplace SuperRare has reduced its staff by 30%, CEO John Crain announced on Friday, succumbing to the woes of an extended crypto winter that has chilled many market sectors.
In a statement posted on Twitter, Crain said that the company saw rapid growth when the NFT market was formerly booming and it overhired to compensate.
“During the recent bull run, we grew in tandem with the market,” Crain wrote. “In recent months, it’s become clear that this aggressive growth was unsustainable: We overhired, and I take full ownership of this mistake.”
Crain said cutting its staff helped to “rightsize” the company and ensure that SuperRare can continue to service the artist and collector communities.
SuperRare joins a growing number of crypto companies that have downsized to stay afloat amid turbulent market conditions. Beginning in April, several global crypto exchanges reduced their headcount, with Coinbase laying off 1,1000 employees in June. Shortly after, top NFT marketplace OpenSea laid off roughly 20% of its staff, followed by cuts from crypto brokerages, trading firms, payment processing companies and Web3 gaming studios.
In November, Meta Platforms (META) slashed more than 11,000 jobs – an estimated 13% of its workforce – across its apps and Reality Labs segments.