- Sky Mavis cuts 21% of its workforce to refocus resources for expansion in 2025.
- The focus moves to Ronin Wallet, the new Axie game, and Web3 publishing.
In a restructuring move, the developer Sky Mavis behind Web3 hit Axie Infinity and the Ronin blockchain announced laying off 21% of its workforce, the company’s co-founder and CEO Trung Nguyen announced in a post on X.
That is not because the company is unstable, but really more about shifting priorities to better align resources with our vision for the long-term future of the company, Nguyen elaborated. This positions Sky Mavis for growth that will be hypergrowth in 2025 and onward, he added.
Some of those staff who will be let go are given severance packages and job placement support through the company.
Expanding Axie Infinity and Web3 Focus
Despite the layoffs, Sky Mavis is doubling down on its development efforts. Resources are reallocated toward key initiatives, such as a new Axie Infinity game, a more enhanced version of the Ronin Wallet, expanded Mavis Marketplace operations, and publishing new Web3 games. The Ronin blockchain forms part of the central product that will remain a major focus
The company would be more agile with a greater product focus, according to Nguyen. While details about the new game Axie Infinity remain a closely guarded secret.
While the company boasts financial health, some of its blockchain-based assets have plummeted to unrealistically low prices. DappRadar had the floor price for Axie NFTs that once reached a high of over $ 700 now at about $0.33. The Axie Infinity released the AXS token that rose to $164.90 in 2021 and has subsequently dropped to about $8.07.
Sky Mavis started in 2018, but it made waves during the COVID-19 pandemic when it created a game called Axie Infinity. At some point, the game managed to attract 2.7 million daily users and its weekly NFT trading volume reached $214 million.
The company suffered a $600 million loss in 2022 when hackers targeted its Ronin Ethereum sidechain. The attack, blamed by observers on North Korea-linked hacking group Lazarus, shook the company but did not deter its long-term vision.
The decision by Sky Mavis to realign reflects its commitment to navigating these challenges and securing its place as a leader within the Web3 gaming space. The company is setting the stage for its next chapter in growth, working on new games from Axie and expanded network plans.
