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Crypto winter: SuperRare licenses 30% of its staff

Winter contraction – The NFT-platform SuperRare must lay off almost a third of its staff, in the face of bear markets. To be able to survive the crypto winter, the company must readjust the size of its team, which had grown rapidly during the bull markets.

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Mass layoffs: SuperRare eases in the face of bear markets

In a post on January 6 on Twitter, the CEO of SuperRare, John Crainshared the message he sent to company employees via Slack, announcing a 30% staff reduction of the company’s workforce.

To justify these massive layoffs, John Crain returned to the growth of the company ” in tandem with the market during the bullfight. However, he points out that SuperRare is no longer able to sustain this aggressive growth of yesteryear, marked by over-hiring, during the last months of the bear market.

Posted by John Crain – Source: Twitter

During the bull run, good times in the markets were accompanied by an infusion of fresh capital for web3 players. As of March 2021, SuperRare had raised $9 million in a Series A funding round.

In the current context, the CEO of SuperRare recognizes that this race to recruit new employees was a mistake, and he takes it ” full responsibility “. Crypto winter obliges, the company is now forced to “resize” your teamto ensure its sustainability.

Bear markets have seen a collapse in monthly trading volumes for major NFT platforms. SuperRare cannot ignore this reality and is forcing budget cuts to keep its finances afloat.

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