SuperRare Cuts 30% of Staff

Popular NFT platform and marketplace SuperRare are the latest crypto company to make cuts after announcing that their staff will be reduced by 30%. CEO John Crain shared the unfortunate news as he tweeted out the message he had sent to his company in Slack. Crain shared that he felt saddened at having to part ways with valued colleagues and that the reason for the cuts to staff is due to rapid and aggressive growth and over-hiring. He also said that he "takes full ownership of this mistake."

SuperRare has grown substantially since its launch in 2018 with several well-known figures, such as Snoop Dogg and Madonna, using the platform for the launch of their own NFT projects and collections. During a funding round in March 2021, the company raised $9 million with the support of Ashton Kutcher, Mark Cuban, and Samsung. Crain has said that SuperRare will support those affected by the cuts and is seemingly trying to stay positive in his message, despite the fact that this is not good news for the company, stating that there is still much to come for web3  in terms of innovation, transformation, and opportunities.