John Crain, chief executive of non-fungible token (NFT) marketplace SuperRare, said Friday that the company will reduce its workforce by 30 percent due to adverse market conditions.

Crain’s statement posted on Twitter claimed that SuperRare hired more people during the rapid expansion of the NFT market than it could sustain in the long term.

“During the bull run, we (NFT) grew along with the market,” Crain wrote. “In recent months, it’s clear that this growth was unsustainable. We ‘overcontracted’, and I own up to this mistake.”

Crain said that reducing staff to the “right size” will ensure that he can continue to serve artists and collectors. SuperRare joins a growing number of crypto companies that are shrinking to survive in the volatile…