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NFT Marketplace SuperRare Fired 30% Employees

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SuperRare has cut its staff by 30 percent, its CEO John Crain announced on Friday in the wake of an extended winter in crypto, which has slowed the markets in a variety of sectors.

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In a statement posted on Twitter, Crain said that the company saw rapid growth when the NFT market was formerly booming and it overhired to compensate.

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During the recent bull run, we grew in tandem with the market," Crain wrote. 

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"In recent months, it's become clear that this aggressive growth was unsustainable: We overhired, and I take full ownership of this mistake."

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Crain explained that cutting employees helped "rightsize" the company and ensure that SuperRare will continue to serve the collector and artist communities.

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Super rare is one of a growing set of crypto-related companies that have cut their size to remain afloat in turbulent market conditions.

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Since April, many cryptocurrency exchanges worldwide have reduced their workforce, with Coinbase eliminating 1,100 workers in June.

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In the following days, the largest NFT marketplace, OpenSea, cut off around 20 percent of its employees. 

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