Sky Mavis, the development company behind Axie Infinity and the Ronin gaming blockchain, has laid off nearly a quarter of its employees.
On 23 November 2024, Sky Mavis co-founder Nguyen Thanh Trung took to X to say that the company “made the tough decision to let go of 21% of our workforce.”
Sky Mavis, the maker of Axie Infinity, will lay off 21% of its employees, which amounts to approximately 50 staff members.
I think there is still a long and bumpy road to go in GameFi’s winter….. pic.twitter.com/1ATLZLSi3h
— Rukawa Kaede. (@show4653) November 26, 2024
“Layoffs Part Of Firm’s Strategic Re-Aligning,” Co-Founder
Trung claims that the layoffs are not due to financial struggles or budget cuts. “Instead, it is a strategic move that allows for a sharper focus and positioning Sky Mavis for hypergrowth in 2025 and beyond,” Trung explained.
Moreover, the firm is re-aligning its developmental priorities. There will be a focus on the Ronin wallet, Mavis marketplace, Axie Infinity and a related new game.
Axie Infinity is a play-to-earn game featuring NFT collectibles such as artwork and videos. They became significantly popular in early 2021. Its native token, AXS, was one of the top-performing digital assets of the 2021 cycle, peaking at $165 billion per AXS. It is down 95% from those highs, currently trading for around $7.
Axie Infinity Developer Plans To Focus On Expanding Gaming-Focused Ronin Network
I said it when $RON was under $1 + I’ll say it again now@Ronin_Network is grossly undervalued
Here’s why:
– 15+ games now vs 1 last cycle
– #1 crypto gaming ecosystem by transaction volume, user count + game metrics
– 1M+ daily active wallets which is more than at the peak of… pic.twitter.com/GW4aLb73lh
— Elisa (@eeelistar) November 25, 2024
The Ronin Network is an Ethereum (ETH) gaming-focused sidechain that serves crypto games, including Axie Infinity. Trung claims it is now the third-most-used crypto network.
The bridge connecting the Ronin Network with Ethereum has also been hacked on several occasions. The last one occurred in early August, when the bridge lost approximately $12 million worth of assets, however, the white hat hacker who hacked the protocol returned most of the funds soon after.
Trung also hinted at the changing regulatory climate, presumably in reaction to Republican candidate Donald Trump’s victory in the US presidential elections. “As crypto-friendly policies gain traction, we anticipate a wave of innovation and adoption for utility-driven Web3 projects,” he wrote.
During his campaign, Trump vowed to loosen restrictions on digital assets and blockchain technology firms in the US. Trung’s comments suggest that the prospect of those changes had real impact on the strategy of the company going forward.
“The bottom line is that the token design space will now massively open up. I believe that’s most bullish for DeFi and gaming, which we believe are the most consequential sectors that have the most long-term substantive value in this industry,” a Sky Mavis representative told the media. “We believe this regulatory shift will drive significant adoption, not just for blockchain gaming but for the broader Web3 industry.”
BONUS: Crypto All-Stars (STARS) Hits $6 Million In Presale Raise, $10 Million Next
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Grab your share here: https://t.co/8IZTKBdAp2 pic.twitter.com/9Bdm4z8jb7
— Crypto All-Stars (@all_stars_coin) November 26, 2024
Crypto All-Stars ($STARS) has just flown past the $6 million mark in its presale, pointing to a resurgence in the idea of a meme coin supercycle. It looks like $10 million is a formality as high-IQ traders are all buying into STARS.
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