SuperRare‘s CEO has indicated that the company intends to lay off 30% of its staff. SuperRare’s CEO, John Crane, recently disclosed that the company wants to lay off 30% of its staff. According to him, the decision was made because the company hired too many personnel during the last bull market, which “proved to be unsustainable,” and it is now unable to keep a big number of employees.
Crane has described the platform’s development as a “marathon, not a sprint,” and he has accepted “full responsibility” for the choice to reduce workers. He also stated that every member of the SuperRare team will be remembered for the rest of the company’s history.
Launched in 2018, SuperRare is a social network for art creators and collectors of NFTs on the Ethereum blockchain. NFTs are blockchain-based tokens linked to digital and physical content, providing proof of ownership, authenticity, or membership in a group.
Since its launch, several big names in sports and entertainment have taken their digital art projects to SuperRare.
In March 2021, SuperRare raised $9 million in a Series A funding round led by Velvet Sea Ventures and crypto fund 1confirmation. Joining in the raise were Mark Cuban, Ashton Kutcher’s Sound Ventures, and SamsungNext. In November of that year, hip-hop artist and NFT collector Snoop Dogg launched an NFT collaboration with mixed media artist Coldie on SuperRare during Miami Art Week. In May 2022, music icon Madonna partnered with digital artist Beeple to launch an NFT collection on SuperRare.
Crain said SuperRare would help those affected by the layoffs transition to new opportunities.
