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The world is moving slowly towards recession? Is an economic slowdown down the road? No one spared thought for the issues until some news came and trembled. One such crucial factor is layoffs—ending up increasing unemployment.
So many things are going but does anyone have a thought to spare, what’s going with SuperRare?
The popular non fungible token marketplace is not in good shape as it is likely to reduce the headcount.
CEO John Crain went on Twitter and shared a screenshot of the Slack message mentioning about “a staff reduction of about 30%.”
Given the bull run within the past, Crain noted, the company went along with the market together. However, in the recent scenario, since the past months were not ideal for growth, it also became clear that the “aggressive growth” for the company was not sustainable.
In addition, he said that clearly the Web3, NFTs, decentralized finance and governance, etc. are likely to see “much innovation and transformation.” The company is undoubtedly not in good shape for now but “an incredible uncaptured opportunity” remains always there to build something completely new.
Noteworthy is that the NFT marketplace has enough popularity within the space and its own presence. In March 2021, it managed to raise an overall funding of about 9 million USD in its Series A funding round. Velvet Sea Ventures and 1confirmation like venture capital led the investment for the firm.
Moreover, the round also received attention since many celebrity investors were also there including Mark Cuban, Ashton Kutcher and Marc Benioff.
Although bigger platforms like OpenSea were better able to capitalize on the bull market, SuperRare distinguishes itself from rivals by concentrating more directly on working with artists. OpenSea has nevertheless raised at a potentially inflated valuation of over $13 billion, despite not being immune to the downmarket. In July, the company let go of 20% of its workforce, leaving 230 people behind.
The year 2022 was quite challenging for the broader crypto space due to multiple reasons. Ongoing Russia-Ukraine war was hit on the global market which worsened with the Federal Reserve hiking interest rates. With the fall of Terra (LUNA) network a number of crypto firms were heavily affected—leading some of them filing for bankruptcy. And the year ended with one of the greatest disasters in the crypto industry with the fall of leading crypto exchange FTX.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
