Non-fungible token (NFT) marketplace SuperRare has announced a 30% staff-member cut as CEO John Crain explained that the firm mistakenly over-hired during the last bull market.
“Startups are a balancing act of managing rapid growth while doing everything possible to conserve limited resources.
During the recent bull run, we grew in tandem with the market” he noted, adding that: “In recent months it’s become clear that this aggressive growth was unsustainable: we over-hired, and I take full ownership of this mistake.”
Super rare is one of the biggest names in the space, but notably sees significantly less trading volume than competing NFT marketplaces such as OpenSea and Magic Eden.
A report from The Wall Street Journal this week also indicated that U.S. bank Silvergate cut 40% of its staff as a result of an $8.1 billion bank run that was triggered in response to the FTX collapse in November.
Source: Cointelegraph
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