SuperRare CEO John Crain claims they made the mistake of overhired.
SuperRare collected over $250M in digital art and $3M in artist royalties paid.
SuperRare, a Non-Fungible Token (NFT) marketplace, has declared a 30% workforce reduction. The curated NFT firm CEO John Crain revealed the 30% layoff on his Twitter account by posting a screenshot on January 7.
Crain claimed in a statement shared on Twitter that the firm had to shoot up rapid growth when the NFT market was booming. As a result of the previous bull market, “they made the mistake of hiring too many people”. Also, he said reducing employees helps SuperRare “rightsize” the company. So that it can keep providing services to the artist and collector communities.
CEO of SuperRare, John Crain, stated in a tweet;
During the recent bull run, we grew in tandem with the market. In recent months, it’s become clear that this aggressive growth was unsustainable: We overhired, and I take full ownership of this mistake.
SuperRare Price Surges
SuperRare is one of the most well-known NFT marketplaces on Ethereum. However, it has a noticeably lower trading volume than other NFT exchanges like OpenSea and Magic Eden. Data from DappRadar shows that SuperRare has had $445K in trade volume during the last 30 days, which is decreased by around 36%. When comparing, Magic Eden has $79.12 million, and OpenSea has a $309 million trading volume in the previous month.
SuperRare collected approximately $250M in digital art and $3M in artist royalties paid thus far. The SuperRare DAO uses the $RARE token as a governance and curation token that complies with ERC-20.
According to CoinGecko, SuperRare $RARE traded at $0.100800 with a 24-hour trading volume of $7M. $RARE fell off over 16% in the preceding month and 97% from its all-time high of $3.64, which was recorded on Oct 11, 2022. Further, SuperRare attained its new all-time low of $0.088834 on Dec 23, 2022. Although, SuperRare surged around 13% from its low and has a market cap of $59 million.