In a statement on Twitter, John Crain, the CEO of the digital collectibles marketplace, claimed that the company overhired due to rapid expansion when the NFT business flourished.
According to Crain, we expanded concurrently with the market throughout the most recent bull run. “In recent months, it has become evident that this fast expansion was unsustainable: We employed too many people, and I fully accept responsibility for this error.”
Crain further explained that getting rid of some of the firm’s staff members will enable SuperRare to “rightsize” its operation and ensure that it can continue serving the needs of the collectors and artists’ communities.
SuperRare joins many cryptocurrency businesses that have scaled back their staff strength to survive volatile market circumstances.
For instance, Over 11,000 positions, or 13% of its staff, were thrown into the job market by Meta Platforms (META) last November across its applications and Reality Labs businesses.
Flourishing During The Bull Market
Over the past few years, especially during the crypto market bull run, SuperRare flourished significantly. The artists on SuperRare made an average of $8000 per month in sales during the first year of operations.
That figure skyrocketed to an average of $25 million per month in 2021 (an astonishing 31,000% increase). According to CoinMarketCap data, SuperRare has gathered more than $250 million in digital art and paid more than $3 million in artist royalties.
SuperRare sold 49 NFTs in the past week alone. One of them cost, on average, $2.1K; therefore, the total sales volume on the platform over seven days surged to $103.55K.
There is also the SuperRare token “RARE,” the platform’s governance token. The price of the SuperRare’s governance token, according to current data from CoinMarketCap, is $0.1038 and is up by 4.9% in the last 24 hours.
Being approved into SuperRare is notoriously tricky, and some of the platform’s best achievers were initially rejected. The DAO will review each creator’s application in a thorough application process and render a final judgment.
Nonetheless, SuperRare only onboards a few artists each month, as stated on the application page. Meanwhile, the firm’s CEO didn’t mention whether SuperRare would recruit massively during the next bull run.