Sky Mavis is laying off 21% of its workforce as part of a strategic shift to align with its long-term vision.
As part of a strategic restructuring, Sky Mavis, the company that is responsible for the Web3 game Axie Infinity and the Ronin blockchain, has announced that it will be laying off 21% of its workers.
Trung Nguyen, co-founder and CEO of Sky Mavis, announced the layoffs in a post on X. He referred to the move as a “shift in priorities” rather than a reflection on employee performance or the company’s financial soundness.
According to what Nguyen explained in his writing, “It is a shift in priorities aimed at aligning our resources with our long-term vision.” Additionally, Nguyen announced that the affected staff will receive severance compensation and assistance in finding new employment options.
Nguyen underlined that the layoffs were not the result of financial issues but rather were a part of a strategy to prepare Sky Mavis for development in 2025 and beyond. Nguyen stated that a variety of projects, including “a new Axie game,” will utilize the released materials.
“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.”
On the other hand, he did not disclose any additional details concerning the proposed new video game that the company intends to create and release. The Ronin Wallet, the Mavis Marketplace, Web3 game publishing, and the expansion of the Ronin Network are some of the areas that Nguyen stated the team would concentrate on in addition to developing a new game.
Nguyen explained that they implemented the layoffs to enhance their flexibility and focus more efficiently on specific products. Some of Sky Mavis’s blockchain-based assets have experienced large value decreases, despite the fact that the company claims their choice has nothing to do with the company’s financial stability.
Axie Infinity non-fungible tokens (NFTs), known as “Axies,” which had a floor price of more than $700 in 2022, are now trading at a floor price of approximately $0.33, as reported by the decentralized application tracking platform DappRadar.
The Axie Infinity, which is currently trading for approximately $8.07, hit its all-time high price of $164.90 in the year 2021. A different token known as Smooth Love Potion (SLP) reached its highest point of $0.39 in 2021 but has since fallen to $0.0036.
In the meantime, the native token of the Ronin network, Ronin, had strong performance in 2024, reaching an all-time high of $4.45 in the month of March. Currently, traders are trading the token for $1.77.
