Sky Mavis lays off 21% of workforce

Sky Mavis to slash 21 Percent of workforce

2024-11-25 by Ndaman Olayinka 3 minutes read
Sky Mavis to slash 21 Percent of workforce

Sky Mavis, the blockchain startup known for Axie Infinity, announced that it is laying off 21 percent of its employees while aiming for growth in the upcoming year.

About 50 of the 250 global team members are expected to be affected by the layoffs, according to a TechInAsia report.

Sky Mavis lays off employees

The company's CEO and co-founder, Nguyen Thanh Trung, claims that this action is a component of a plan to refocus on the company's long-term goals and core products. Trung highlighted that the decision was not prompted by financial considerations. Severance benefits and assistance with finding new employment will be provided to affected staff members.

Trung wrote in an X post that “The decision to part ways with talented team members was not made lightly and does not reflect their contributions to Sky Mavis. It is a shift in priorities aimed at aligning our resources with our long-term vision. We are deeply grateful for the dedication and impact of those affected, and we are committed to supporting them through this transition with robust severance packages and resources to help them find new opportunities.”

For Sky Mavis, 2024 has been a year of transformation. Over 10 million copies of the Ronin Wallet have been downloaded. With over 1.1 million active addresses every day, Ronin is currently the third most popular blockchain globally, added Trung.

Sky Mavis to launch more products for users

Sky Mavis co-founder further explained that the company expects a wave of innovation and adoption for utility-driven Web3 projects as crypto-friendly policies gain traction, bringing about a transformation as significant as the one it witnessed in 2018 when it unveiled Axie Infinity to the world.

Additionally, this year saw significant development and progress. Instead of aiming to create products that will satisfy every user, we are focusing more on what makes Sky Mavis so great. Our heightened attention will be focused on Mavis Marketplace, Ronin Wallet / Waypoint, Axie Infinity / a new Axie game, expanding the Ronin Network for more builders, and Web3 game publishing.

About Sky Mavis

Founded in 2018, Sky Mavis gained fame for Axie Infinity, which during the Covid-19 pandemic introduced the play-to-earn model. It had about 2.7 million daily active users and $214 million in weekly in-game NFT trading volume at its peak. They did, however, suffer setbacks like the fall in the play-to-earn trend and a significant hack in 2022 that cost them US$600 million. Sky Mavis switched to a free-to-play model after these incidents.

Data tracker DappRadar reports that the floor price of Axie Infinity non-fungible tokens (NFTs), also known as "Axies," which had a price of over $700 in 2022, is currently approximately $0.34.

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