Axie Infinity game developer Sky Mavis lays off 21% of workforce
Quick Take Sky Mavis, the developer of Axie Infinity, is laying off 21% of its workforce, which will affect about 50 employees. Despite the layoffs, CEO Trung Nguyen emphasized that the company is positioning for growth in 2025.
Axie Infinity maker Sky Mavis is laying off 21% of its workforce amid the company's statement that it's eyeing growth in the coming year.
According to a TechInAsia report , the layoffs are expected to affect roughly 50 employees out of about 250 global team members.
“I want to be absolutely clear: this decision is not related to the company’s budget or financial health,” CEO and co-founder Trung Nguyen wrote in an X post last Saturday. “It is a strategic move that allows for a sharper focus and positioning Sky Mavis for hypergrowth in 2025 and beyond.”
Nguyen wrote that the layoff reflects a “shift in priorities” as he listed the company’s main focus going forward, which includes expanding the Ronin Network and wallet service, Mavis Marketplace, Axie Infinity and developing a new Axie Infinity game.
Sky Mavis was founded in 2018 and rose to prominence as its blockchain play-to-earn game, Axie Infinity, became hugely popular during the COVID-19 pandemic. At its height, it had roughly 2.7 million daily active users and $214 million in weekly trading volume for in-game NFTs.
However, the company’s Ronin Ethereum sidechain suffered a major hack in 2022 , resulting in a loss of around $600 million, for which the U.S. government accused the North Korea-backed hacker group, Lazarus.
“As crypto-friendly policies gain traction, we anticipate a wave of innovation and adoption for utility-driven Web3 projects,” Nguyen said. “I remain steadfast in our commitment to Sky Mavis’ mission: ‘To bring economic freedom to everyone, starting with gamers.’”
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Will Musk Face "Reckoning" After the Election? Deutsche Bank: The Tighter the Hashpower, the More Profitable SpaceX; Political Risks Are Overestimated
Deutsche Bank believes that SpaceX's political risks are overestimated by the market—its core contracts are signed by federal executive agencies, congressional intervention is extremely limited, and there are no substitute suppliers in most business areas. The most immediate risk comes from the Texas governor-elect's tough stance on data centers, but tightening compute power supply might actually enhance SpaceX's pricing power and revenues.
U.S. Retirement Funds Could Unlock Billions for Crypto: Are You Willing to Risk These 4 Coins?
Watch Out: Major Token Unlocks Are Coming for 15 Altcoins This Week—Here’s the Day-by-Day, Hour-by-Hour Schedule
After the US stock market plummeted, "Wood Sister" Cathie Wood said: The more the market worries, the more optimistic I become, the bull market is not over
As the Nasdaq falls into a correction zone, Cathie Wood ("Sister Wood") stated that the prevailing market anxiety actually makes her more confident in the continuation of the bull market. She attributes this correction to pressures in the bond market and controversies over AI capital expenditures, but emphasizes that the technological revolution is still ongoing. She also revealed that ARK has used the opportunity to increase its holdings in high-conviction positions such as SpaceX, and expects the stock market to perform well through 2027.
Crypto prices
More
