As a seasoned analyst with over two decades of experience in the tech and crypto industry, I find myself intrigued by Sky Mavis’ recent decision to lay off 21% of its workforce. While it is always disheartening to see individuals losing their jobs, especially in the rapidly evolving blockchain space, I must admit that a strategic realignment often paves the way for growth and innovation.
Sky Mavis, the creators of Web3 game Axie Infinity and the Ronin blockchain, have decided to let go of 21% of their staff as part of a planned restructuring process.
In a recent post, Sky Mavis’ co-founder and CEO Trung Nguyen explained that they were making some workforce adjustments, referring to it as a “change in focus” instead of implying any issues with employee performance or the overall financial health of the company.
Nguyen stated this change is about focusing our resources on our future goals, ensuring they match our long-term perspective. He mentioned that any impacted staff members will be offered severance pay and assistance with job placement.
CryptoMoon contacted Sky Mavis for comments but did not get an immediate response.
A new Axie Infinity game in the making
Nguyen made it clear that the dismissals weren’t prompted by financial worries, but rather were integral to Sky Mavis’s strategic plan aimed at fostering expansion in 2025 and beyond.
“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.”
Nguyen mentioned that the liberated assets would be employed across multiple ventures, one of which is a fresh Axie-themed project. Unfortunately, he didn’t disclose any further details about the game the corporation intends to produce and distribute.
Apart from introducing a fresh game, Nguyen mentioned that their primary objectives also include developing the Ronin Wallet, managing the Mavis Marketplace, publishing games in the Web3 environment, and expanding the Ronin Network. Nguyen explained that the downsizing was carried out to enhance flexibility within the team and to concentrate on these projects more effectively.
Axie Infinity tokens and NFTs are far from their peak
Although Sky Mavis asserts that their recent move isn’t tied to their financial stability, some of their blockchain-backed assets have experienced notable drops in worth.
As reported by DappRadar, the floor price for Axie Infinity’s non-interchangeable tokens, known as “Axies,” which were valued at over $700 each in 2022, currently stands at approximately $0.33.
The Axie Infinity (AXS) token, that hit a record high of $164.90 back in 2021, is currently being traded for approximately $8.07. Similarly, the Smooth Love Potion (SLP) token, which previously peaked at $0.39 in 2021, has now dipped down to about $0.0036.
In the year 2024, the token of the Ronin blockchain, called Ronin (RON), showed excellent performance and peaked at a record high of $4.45 in March. At present, it is being traded at $1.77.
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2024-11-25 11:42