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SuperRare Cuts Staff as Crypto Market Struggles

Non-fungible token (NFT) marketplace SuperRare has announced that it will cut 30% of its staff.

SuperRare Logo
SuperRare Logo

CEO John Crain explained that the company had mistakenly over-hired during the last bull market and that the aggressive growth had become unsustainable. Crain did not specify the redundancy packages terminated employees will receive but stated that the company would do everything it can to help them transition to new opportunities and support them in future endeavors.

SuperRare is one of the biggest names in the NFT space but has significantly less trading volume than competitors like OpenSea and Magic Eden. According to data from DappRadar, SuperRare oversaw $663,000 worth of trading volume over the past 30 days, compared to OpenSea's $307 million and Magic Eden's $80.1 million.

Despite the challenges posed by the current crypto bear market, Crain stated that SuperRare is still focused on its original vision of increasing access and exposure to digital artists. He said, "We are facing headwinds, yes — but there remains an incredible uncaptured opportunity as we continue building something new: a global digital art renaissance that is transparent, fair, and that anyone can access from anywhere in the world."

Crypto Companies Continue to Cut Staff in Crypto Winter

SuperRare is the latest in a series of blockchain and cryptocurrency companies to cut staff during the current crypto winter. Other companies that have made staff cuts include Genesis, which laid off 30% of its staff in January, and Huobi, which announced a 20% cut on January 6. In addition, U.S. bank Silvergate cut 40% of its staff due to an $8.1 billion bank run triggered by the collapse of FTX in November.