Originally published on: November 25, 2024
Sky Mavis, the creative minds behind the popular Web3 game Axie Infinity and the innovative Ronin blockchain, revealed plans to lay off 21% of its staff in a strategic restructuring move. Co-founder and CEO Trung Nguyen shared the news, emphasizing that this decision is a strategic shift to realign resources with the company’s long-term vision rather than a reflection of employee performance or financial stability.
In an exclusive update, Nguyen disclosed to Cointelegraph that despite the recent downturn in non-fungible token (NFT) volumes, the layoffs are not tied to market fluctuations. Instead, the team at Sky Mavis is gearing up for an exciting new venture set to launch in the first quarter of 2025.
Nguyen hinted at a forthcoming game release, leveraging the company’s expertise and experience accumulated over the years. “We can’t wait to unveil our latest creation and share a sneak peek with you soon,” Nguyen teased.
The workforce reduction paves the way for a renewed focus on various projects, including the development of a new Axie game and enhancements to the Ronin Wallet, Mavis Marketplace, and Web3 game ecosystem. This proactive approach aims to position Sky Mavis for growth and success in the upcoming years.
While the company assures investors that the restructuring is not driven by financial concerns, recent trends in the blockchain space have seen fluctuations in asset values. For instance, the floor prices of Axie NFTs have experienced a sharp decline, impacting the overall market sentiment.
Despite market challenges, the Ronin blockchain’s native token, RoninRON, has shown resilience, hinting at potential growth opportunities in the future. Sky Mavis remains committed to innovation and expansion, with a keen focus on delivering cutting-edge experiences to its global community of users.
Stay tuned for more updates on Sky Mavis’ latest developments and industry insights. Subscribe to our Nifty Newsletter to discover the latest trends, emerging artists, and lucrative opportunities in the ever-evolving NFT landscape. Don’t miss out on being at the forefront of the digital revolution!