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- One of the leading NFT marketplaces is going for job cuts.
- The company is among the top competitors of OpenSea.
- Experts think that downturn in the sector may persist for longer.
Another addition to the list
SuperRare, one of the biggest NFT marketplaces, has announced that they are going to lay off around 30% of their staff amid growing concerns in the market. The company founder, John Crain, revealed the information on Slack, a communication software like WhatsApp. He pointed to the past few months in crypto and global markets. Moreover, he said that they are working on transition opportunities for those who will be laid off to secure their future.
SuperRare came into the light in 2018 where people started speculating whether the marketplace can overcome the dominance of OpenSea, the biggest NFT platform in the sector. SuperRare is considered to be an elite network due to the high standards it holds regarding their NFT selection.
In August 2022, they collaborated with Netgear, a networking product company, for art display via a digital canvas dubbed Meural. SuperRare has attracted famous names on the network. Last year in June, Jim Carrey, one of the greatest comedians of all time, launched his Sunflower NFT on the platform.
The threat of recession has compelled many companies to lay off employees in huge numbers to cut costs. Some organizations went for job cuts while some halted their hiring process. OpenSea revealed in July 2022 that they’ll let around 20% staff go. Meanwhile, now bankrupt crypto exchange, FTX, announced that they’ll continue their hiring irrespective of the market conditions.
Since 2022’s beginning, individual and institutional investors in the crypto sector are trying to flee the market to prevent heavy losses. While many are optimistic regarding the space and believe that it will bounce back in the future, some believe that the worst is yet to come. Peter Schiff, a veteran economist says “this is not a crypto ice age, but crypto winter”.
The NFT market has lost a significant portion of its value, unlike in January 2022 when it demonstrated a sharp rise. OpenSea generated about $5 Billion in the first month, it showed positIve momentum but plunged eventually. CryptoSlam, an NFT data aggregator, reported that Bored Ape Yacht Club (BAYC) remained the highest grossing collection during the year.
Fall of TerraUST and the FTX collapse were the hottest topics for the crypto industry as the events sparked the worst downturn in the sector. From DeFi projects to NFTs, the vibrations were felt by every industry associated with the market.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
