Axie Infinity Creator Cuts 21% of Staff Despite Year of ‘Valuable Growth'

Sky Mavis, the web3 gaming steadfast down Axie Infinity, laid disconnected 21% of its workforce past week.

The web3 firm’s co-founder and CEO Trung Nguyen said connected X connected Saturday that the layoffs were not related to the company’s fund oregon fiscal health.

“Instead, it is simply a strategical determination that allows for a sharper absorption and positioning Sky Mavis for hypergrowth successful 2025 and beyond,” helium said.

According to Nguyen, the determination came contempt the twelvemonth being “one of invaluable maturation and evolution”. Going guardant the institution volition absorption connected its halfway products alternatively than trying to physique products for each users, helium said. The web3 creator volition ore connected its Ronin Wallet and Waypoint, Mavis Marketplace, Axie Infinity, Web3 crippled publishing, and expanding the Ronin Network for much builders. It is besides moving connected a caller Axie game.

In 2023, co-founder Aleksander Larsen said successful an interview with Finoverse that the institution had 250 employees astatine its main basal successful Singapore and crossed its subsidiaries successful Vietnam, the U.S. and Norway. Sky Mavis did not instantly respond to CoinDesk's petition for full headcount oregon the fig of radical impacted.

Despite bitcoin hitting caller each clip highs implicit the past fewer weeks and the imaginable of a much succinct regulatory authorities for crypto successful the U.S. pursuing the re-election of Donald Trump, respective crypto companies person announced layoffs implicit the past month. Cryptocurrency speech Kraken laid disconnected 400 people, oregon 30% of its staff, connected Oct. 31, according to tech layoff tracker Layoffs.fyi.

DYDX besides chopped 25% of its unit astatine the extremity of past month, and Consensys laid disconnected a further 20%, oregon 162 people. Cuts person besides taken spot this twelvemonth astatine Matter Labs, Polygon, Fireblocks, Sorare, Moonpay, Paxos and respective different companies.