Sky Mavis, the developer of blockchain game Axie Infinity, is cutting down more than 1/5th of its staff.
Background
- The layoffs are expected to affect roughly 50 employees
- Their team comprises a total of 250 members across the globe
- The foundational stones for Sky Mavis were laid in 2018
- It gained traction when its play-to-earn game, Axie Infinity, started gaining mass appeal during the pandemic
Why should you pay attention?
- Company executives highlighted that the layoff reflects a “shift in priorities”
- The company’s main focus going forward revolves around expanding the Ronin Network and wallet service, Mavis Marketplace, Axie Infinity, and developing a new Axie Infinity game
- Despite the layoffs, the company forecasts growth in 2025
Who said what?
- CEO and Co-Founder Trung Nguyen clarified,
“I want to be absolutely clear: this decision is not related to the company’s budget or financial health. Instead, it is a strategic move that allows for a sharper focus and positioning Sky Mavis for hypergrowth in 2025 and beyond”
- He added,
“I remain steadfast in our commitment to Sky Mavis’ mission: To bring economic freedom to everyone, starting with gamers”
Zooming out
- As crypto-friendly policies gain traction, the Sky Mavis team anticipates “a wave of innovation and adoption” for utility-driven Web3 projects
- That, ultimately, would help usher in a monumental shift
- Sky Mavis is not the only firm laying off staff amid the bull run
- Companies including Paxos and dYdX have made similar calls this year
