SuperRare Labs Layoffs: Another Crypto Company Feeling the Squeeze
SuperRare Labs Layoffs: Another Crypto Company Feeling the Squeeze
SuperRare Labs, the company behind NFT marketplace SuperRare is laying off a chunk of its staff - a whopping 30%.
The news came straight from the CEO, John Crain, who shared a message he sent to employees in Slack.
According to Crain, the "aggressive growth" and “over-hiring” during the bull run just weren't sustainable. And he takes "full ownership of this mistake."
Launched in 2018, SuperRare is a social network for art creators and collectors of NFTs on the Ethereum blockchain.
Since its launch, Even some big names in sports and entertainment have jumped on board and brought their digital art projects to SuperRare.
Well, this layoff isn't super rare; renowned crypto companies like Crypto.com, Blockfi, Coinbase and Gemini have carried out mass layoffs in recent months.
Also, some NFT platforms:
July 2022: OpenSea, had to trim their crew by 20%, citing "broad macroeconomic instability."
Nov 2022: NFT platform Candy Digital has laid off more than one-third of its approx. 100-person team.
Nov 2022: Dapper Labs said goodbye to 22% of its staff. The company behind NBA Top Shot and NFL All Day cited the 'macroeconomic environment' as the cause.
Nov 2022: Metaplex Solana NFT protocol maker Metaplex announced laying off a bunch of its staff. - post- FTX collapse hangover.
Talk about a chain reaction!
NFTs in last year:
The non-fungible token (NFT) market had a rocky year in 2022, starting off strong in January with a record month for top marketplace OpenSea, which registered $5 billion in trading volume.
A significant spike in late April due to the launch of NFT land plots for the game Otherside.
A sharp decline in May as crypto prices fell - monthly volume dropped from $3.3b in May to just over $1b in June.
December 2022 saw total trading volume at $684 million, up slightly from November's $662 million.
OpenSea remained the leading marketplace for organic NFT trades, with Blur, a newer rival, seeing a significant increase in December.
Solana blockchain saw a decrease in NFT sales in December, while Flow and NBA Top Shot both saw slight declines.
Get ready for lift-off: 2023 is shaping up to be a bounce-back year for NFTs and the Metaverse! According to a report by McKinsey & Company, the Metaverse could reach a whopping $5 trillion in value by 2030.
And with the right technology enablers in place, it's estimated that over 50% of live events could be held in the virtual world by 2030. #LFG!!
NFT Project Moonbirds signs with United Talent Agency
PROOF, the company behind the popular NFT collection Moonbirds, has announced that it has signed with Hollywood talent agency United Talent Agency (UTA). CEO Kevin Rose announced this at the Consumer Electronics Show (CES) in Las Vegas. UTA, one of the top three Hollywood talent agencies, will assist PROOF in expanding its reach.
The collaboration aims to get the Moonbirds brand known on a "global" general scale rather than just as a major player in the Web3 arena.
The agreement, according to UTA, would help Rose expand into "brand alliances, merchandise, licencing, sponsorships, and more, as well as develop new opportunities in film, television, and publishing, among other verticals."
Under the direction of Web3 head Lesley Silverman, the California-based talent agency (UTA) has been growing its Web3 portfolio, signing NFT projects CryptoPunks and Deadfellaz, as well as NFT artist Diana Sinclair. UTA announced in October that it would increase its investments in Web3 firms as part of a cooperation with investment company Investcorp.
Mastercard partners with Polygon for the Web3 musician accelerator program
Mastercard is back with another web 3 collaboration, this time with Polygon for a Web3 accelerator programme to help musicians expand their careers. The programme is intended to teach musicians how to develop their businesses by minting NFTs, creating an online presence, and cultivating a community.
The accelerator, according to Mastercard, will contain a limited edition NFT named "The Mastercard Music Pass," which will grant holders access to exclusive music instructional materials, unique resources, and other physical and digital experiences.
Mastercard has been expanding its presence in the blockchain and cryptocurrency areas. It recently partnered with Coinbase in January to allow Mastercard cards to be used to purchase NFTs on Coinbase's marketplace.
Web3 technology has the potential to revolutionize the music industry, providing artists with new ways to create, distribute, and monetize their music. This is an exciting development for the music industry, and we can't wait to see what the future holds for these talented Web3 musicians.