The Block: SuperRare cuts 30% of staff, citing bear market

NFT platform SuperRare will reduce staff by nearly 30%, said CEO John Crain in a message he posted on Twitter.

Although the company grew “in tandem with the market” during the last bull run, according to Crain the aggressive growth proved unsustainable. “We over-hired and I take full ownership of this mistake.”

To set it on the right path, the company decided to “rightsize” the team, said Crain adding that, for those let go the company is “doing everything we can to help them transition to new opportunities and support them in their future endeavors.”

SuperRare is just the latest to announce staff cuts in the bear market, with a number of companies reporting restructuring efforts.

Staff cuts recently hit exchanges Huobi and Genesis on the heels of news that Silvergate Bank would let go some 200 employees, nearly 40% of its workforce.

SuperRare did not immediately respond to The Block’s request for comment.

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