On January 7, John Crain, CEO of NFT market SuperRare, announced that the company will be laying off 30% of its staff. In a statement, Crain said that the rapid growth of the NFT market in recent months has become unsustainable, and the company must take steps to ensure its long-term viability.
“We fully understand the impact this decision will have on our team, and we are committed to supporting those affected through this difficult transition,” Crain said. “I want to be clear that this is not a reflection on the hard work and dedication of our team. We made an error in our growth strategy, and I take full responsibility for that.”
Despite the challenges currently facing the NFT market, Crain emphasized that there are still many opportunities for innovation and transformation in the Web3, NFT, encrypted art, decentralized finance, and governance spaces. “While we are facing headwinds at the moment, the encryption market still has incredible potential,” he said.
As the NFT market continues to evolve, it is important for companies like SuperRare to adapt and find sustainable business models. While the layoff of 30% of its staff is a significant cut, Crain believes it is necessary for the long-term success of the company.
“We are confident that by making these changes, we will be able to position ourselves for future growth and success,” Crain said. “We remain committed to our mission of supporting and promoting the creators and artists who are driving the NFT revolution.”
The NFT market has exploded in popularity in recent months, with the total value of NFT sales reaching over $2 billion in 2020. However, the market has also faced criticism for its high energy consumption and lack of accessibility for many creators. As the market continues to mature, it will be important for companies like SuperRare to address these issues and find ways to make the NFT space more sustainable and inclusive.