According to CEO John Crain, the company overhired during the market upswing and has been unable to sustain its growth in recent months.
SuperRare, a curated non-fungible token (NFT) marketplace, announced a 30% reduction in staff on Friday, succumbing to the woes of an extended crypto winter that has chilled many market sectors.
Crain stated on Twitter that the company experienced rapid growth when the NFT market was previously booming and overhired to compensate.
“We grew in lockstep with the market during the recent bull run,” Crain wrote. “It has become clear in recent months that this aggressive growth was unsustainable: we overhired, and I accept full responsibility for this error.”
Crain stated that the layoffs helped the company “rightsize” and ensure that SuperRare can continue to serve the artist and collector communities.
SuperRare is one of a growing number of cryptocurrency companies that have scaled back to stay afloat in turbulent market conditions. Several global crypto exchanges reduced their workforce beginning in April, with Coinbase laying off 1,100 employees in June. Shortly after, top NFT marketplace OpenSea laid off roughly 20% of its workforce, and this was followed by layoffs at crypto brokerages, trading firms, payment processing companies, and Web3 gaming studios.
Meta Platforms (META) cut over 11,000 jobs in November, accounting for approximately 13% of its workforce, across its apps and Reality Labs segments.