The company states they over-hired
•SuperRare, an NFT marketplace, is cutting 30% of its staff due to aggressive growth and over-hiring.
• The company’s CEO John Crain announced the news in a Slack message to employees.
• SuperRare was launched in 2018 and has since raised $9 million in a Series A funding round.
• Several big names in sports and entertainment have taken their digital art projects to SuperRare, including Madonna and Snoop Dogg.
SuperRare, the well-known NFT marketplace, has made the difficult decision to lay off 30% of its staff due to over-hiring and aggressive growth. This isn’t a unique problem as many companies are facing labor shortfalls due to the current global pandemic, making it increasingly difficult for them to make long-term hires.
For SuperRare specifically, this reduction in staffing comes at a time when their sales have been skyrocketing to new heights; their recent earnings have nearly tripled from 2020. While this reduction is unfortunate for those affected, it may actually prove beneficial for SuperRare if they can be more efficient and effective with their remaining team members. With management carefully scrutinizing the performance of each member, SuperRare may be able to continue on its growth trajectory while being more cost-conscious.
What is SuperRare?
SuperRare is an Ethereum-based platform that allows users to buy and sell digital artwork. It functions as a decentralized marketplace where anyone can list their artwork for sale or purchase artwork created by others using cryptocurrency. The platform partners with artists from all over the world who create digital art projects such as videos, animations, 3D renderings, and interactive installations.
Overview of SuperRare’s Growth
Since its launch in 2018, SuperRare has achieved significant growth milestones. This year saw the company’s Series A Funding Round which raised $9 million from investors including venture capital firms Andreessen Horowitz and Polychain Capital. As part of this funding round, the company also announced plans to expand its team to support rapid growth and development of the platform. However, just weeks later the company made headlines again when it revealed that it was cutting thirty percent of its staff due to changes in market conditions caused by COVID-19.
John Crain’s also announced that the company was launching a wellness initiative this fall. John has long been a vocal advocate for workplace mental health and well-being, often speaking about it in meetings or providing guidance on how to improve it in the office. Given his strong leadership on the issue, he was the perfect choice to break the news that the program would be rolled out at the beginning of September. It undoubtedly left many of his employees feeling reassured that their well-being would soon be prioritized by their employer. Things may however be different now with the recent layoffs meaning that priority may now come into question.
Digital Art Projects on SuperRare
Artists involved with the platform have produced some truly innovative works of digital art. One popular example is “Terrarium” by artist Refik Anadol which uses machine learning algorithms to create an ever-evolving virtual ecosystem populated with plant life that responds to user input. Another project worth checking out is “The Sentient City” by Simon Heijdens which offers users a chance to experience a virtual cityscape inhabited by AI agents who respond to ambient light signals in real-time. These are just two examples of many fascinating digital art projects supported by SuperRare and there are sure to be more interesting works added to the platform in the near future!
SuperRare is an online marketplace for digital art created by artists from all over the world using cryptocurrency. After launching in 2018 and raising $9 million during its Series A Funding Round earlier this year, the company recently made headlines again when it announced certain staff cuts due to changes in market conditions caused by COVID-19. Despite these setbacks, however, SuperRare continues to showcase powerful works of digital art from talented artists around the world such as “Terrarium” by Refik Anadol and “The Sentient City” by Simon Heijdens—proof that even during difficult times innovation can still thrive.