The elite non-fungible token (NFT) marketplace SuperRare has reduced its staff by 30%, CEO John Crain announced on Friday, by posting a screenshot of a message on Twitter.
I have some tough news to share: pic.twitter.com/iLDKqgyhQa— SuperRare John ? (@SuperRareJohn) January 6, 2023
This announcement is on track with other trends we’ve seen in what some people have started called the “extended crypto winter”. In an interview to the Financial Times Finzer stated “It is really important that regulators and government officials understand that this is not the same as the broader crypto industry where there is a lot of focus around financial use cases,”
He continued to say that the value of NFTs should be determined by how people engage and use them on a daily basis: accessing special events, using tokens in game, or to display digital artwork.
Finzer also admitted the entire crypto industry had suffered “some setbacks recently,” with most recently the collapse of FTX, leading to an overall downturn in the drop of digital assets.
Even with the confidence being shook after the FTX situation, a broader downtrend in the crypto market had already begun. OpenSea, probably the biggest competitor to SuperRare, announced way back in July 2022, that they will be culling 20% of its staff.
But even before FTX imploded, a broader decline in the crypto market — the so-called “crypto winter” led OpenSea to cut 20% of its staff in July.