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SuperRare lays off 30% staff as crypto bear market takes out NFTs

 

By Nerly Shammah Jan 7, 2023

 

 

SuperRare, a digital and tokenized art market based on the Ethereum network has announced the unfortunate layoff of its staff accounting for 30% of the team. The CEO, John Crain expressed sadness over the event via a public announcement on his Twitter account. SuperRare has been in the NFT ecosystem and crypto assets market for the last five years and has claimed millions in transaction value over this period. That said, as noted by the CEO, the company may have grown too quickly by taking steps during the bull market that couldn't yield sustainable results through different times and seasons. 

 

This comes in relation to the impact the NFT market has taken during this period of volumes and user activities taking a huge dip. John has come off to point out that the growth which was observed was aggressive and has put the company in a situation to bid farewell to its valued friends and colleagues. However, John Crain has gone on to appreciate his team built over the past 5 years, citing their incredible talents and passionate approach to work. 

 

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The team we've built over the past 5 years is a group of incredibly talented and passionate individuals who have become close friends and have been integral to kickstarting the NFT revolution. We're doing everything we can to help them transition to new opportunities and support them in their future endeavors. 

 

This journey is a marathon, not a sprint: we've achieved a tremendous amount in the past five years from the very first artwork sold on SuperRare to Web3 spearheading the future of digital culture across nearly every industry. Each and every team member at SuperRare Labs helped make this revolution happen and they will forever be in our story."

 

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The CEO added acknowledgement to the future innovation and transformation yet to come to Web3, NFTs, crypto art, decentralized finance, and governance, expressing true to his company facing headwinds but however declaring that there are far more opportunities as the SuperRare continues to build something totally new, "a global digital art renaissance that is transparent, fair and that anyone can access anywhere in the world" he said.

 

In the last 30 days, SuperRare has had quite thin numbers on user activities as the number of traders totals 27 with almost $500k in trading volume, which is incredibly low compared to Opensea which has had over 322k traders and over $309 million in transactions in the last 30 days according to Dappradar. However, the NFT market has generally seen a major decline in trade activities as the broader crypto economy faces a lasting bear market.