Ronin

Axie Infinity

Smooth Love Potion

Sky Mavis, the developer behind Web3 game Axie Infinity and the Ronin blockchain, said it is laying off 21% of its workforce as part of a strategic realignment.
Sky Mavis co-founder and CEO Trung Nguyen <a data-ct-non-breakable="null" href="https://x.com/trungfinity/status/1860148340115067272" rel="null" target="null" text="null" title="null">announced</a> the layoffs in an X post, describing the decision as a “shift in priorities” rather than a reflection of employee performance or the company’s financial stability.
“It is a shift in priorities aimed at aligning our resources with our long-term vision,” Nguyen wrote. He added that affected employees would receive severance packages and support in finding new opportunities.
Cointelegraph contacted Sky Mavis for comment but did not get an immediate response.&nbsp;
<h2 id="a-new-axie-infinity-game-in-the-making">A new Axie Infinity game in the making</h2>
Nguyen emphasized that the layoffs were not due to financial concerns but were part of a strategy to position Sky Mavis for growth in 2025 and beyond:
<blockquote>
 “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.”
</blockquote>
Nguyen said the freed-up resources will be used in several projects, including “a new Axie game.” He did not provide additional information regarding the new game.&nbsp;
<figure>
 <img alt="Sky Mavis lays off 21% of workforce, plans new Axie Infinity game" src="https://s3.cointelegraph.com/uploads/2024-11/01936260-cd41-7752-ac01-e4ea61fed1e2" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/trungfinity/status/1860148340115067272" rel="null" target="null" text="null" title="https://x.com/trungfinity/status/1860148340115067272">Trung Nguyen</a>
 </figcaption>
</figure>
In addition to a new game, Nguyen said the team would focus on the Ronin Wallet, the Mavis Marketplace, Web3 game publishing and expanding the Ronin Network. Nguyen said that the layoffs were done to give the firm better agility and to focus on its products.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-nfts-surpass-ronin-all-time-sales" rel="null" target="null" text="null" title="null">Bitcoin NFTs surpass Ronin in all-time sales</a>
<h2 id="axie-infinity-tokens-and-nfts-are-far-from-their-peak">Axie Infinity tokens and NFTs are far from their peak</h2>
While Sky Mavis said its decision is unrelated to financial health, some of its blockchain-based assets have seen significant value declines.
<figure>
 <img alt="Sky Mavis lays off 21% of workforce, plans new Axie Infinity game" src="https://s3.cointelegraph.com/uploads/2024-11/01936260-7bbb-7287-98a5-cf2bf9c3b0c6" title="">
 <figcaption style="text-align: center;">
 Floor prices for Axie NFTs. Source: DappRadar
 </figcaption>
</figure>
<a data-ct-non-breakable="null" href="https://dappradar.com/dapp/axie-infinity/nfts?range-ncc=all&amp;range-nfpc=all" rel="nofollow noopener" target="_blank" text="null" title="https://dappradar.com/dapp/axie-infinity/nfts?range-ncc=all&amp;range-nfpc=all">According</a> to data tracker DappRadar, Axie Infinity non-fungible tokens (NFTs) called “Axies,” which had a floor price of above $700 in 2022, now have a floor price of around $0.33.&nbsp;
The Axie Infinity (<a data-ct-non-breakable="null" href="https://cointelegraph.com/axie-infinity-axs-price-index" rel="null" target="null" text="null" title="null">AXS</a>) token, which reached an all-time high of $164.90 in 2021, now trades for around $8.07. Another token, Smooth Love Potion (SLP), peaked at $0.39 in 2021 but has dropped to $0.0036.
Meanwhile, the Ronin blockchain’s native token, Ronin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ronin-price-index" rel="null" target="null" text="null" title="null">RON</a>), performed well in 2024, reaching an all-time high of $4.45 in March. It currently trades at $1.77.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/nfts-nightclubs-nftstatistics-nft-collector/" rel="null" target="null" text="null" title="null">NFTs are like nightclubs, crypto is a volatile religion: NFTStats, NFT Collector</a>

Sky Mavis lays off 21% of workforce, plans new Axie Infinity game

Table of Contents

Cointelegraph

Other articles published on Nov 25, 2024

Ripple and Archax launch tokenized fund on XRP Ledger

Ripple Mints 10.5 Million RLUSD In Major Testing Phase

The Next Generation of ‘Crypto’ Mining – Apraemio’s Deflationary Gold-backed Token

Bath & Body Works (BBWI) Reports Better than Expected Third Quarter Results

Ethereum set to hit $7K by 2025? Expert Predictions Revealed

XRP Open Interest Hits Record High Amid Regulatory Developments and ETF Speculation

Join our free newsletter for daily crypto updates!