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ATMTA, a Solana-based Web3 gaming firm that runs the favored Star Atlas sport, has revealed a serious restructuring of its operations in response to difficult market situations.
The corporate’s CEO released an in depth assertion outlining the transfer on its Discord, which features a important discount in headcount to make sure the continued growth of Star Atlas:
“ATMTA is present process a major headcount discount with a purpose to protect its long-term capability to proceed creating Star Atlas by prioritizing our SAGE and cellular merchandise which can be prone to present nearer-term traction whereas extending growth timelines on our different merchandise.”
Having quickly grown in 2021, ATMTA confronted industry-wide upheaval throughout 2022 and 2023 that adversely affected its revenues and participant acquisition. The corporate, nevertheless, continued its modern work, releasing high-quality content material and constantly pushing the boundaries within the Web3 gaming house.
Regardless of these achievements, monetary challenges have necessitated an operational overhaul. Notably, a 3rd of the income from ship gross sales was held within the ATMTA’s native ATLAS token, which has since suffered a major depreciation.
The agency additionally incurred a substantial tax legal responsibility and misplaced about “$15 million from our treasury with the collapse of FTX, which represented a good portion of our liquid money steadiness.”
Efforts to lift capital throughout this era, although vigorous, had been largely unfruitful. ATMTA thus needed to take the troublesome resolution to scale back its group measurement and reorient its concentrate on the SAGE sport and the cellular crew companion app, which have proven promising development potential:
“Our remaining core group will likely be composed of 45 people, down from a peak of 235 in late 2022 and 167 after the post-FTX reductions.”
Publish-restructuring, ATMTA will function with a leaner group, making certain they’ve the required agility and concentrate on delivering on their prioritized merchandise and sustaining its current ones. The transfer additionally goals to make the agency extra enticing to potential traders, with the aim of increasing product growth when situations allow.
In the present day ATMTA introduced a serious change in its operations.
CEO & Star Atlas co-founder @at_mwagner has addressed these adjustments in an in depth letter to the neighborhood.Go to https://t.co/LdjcSys6uC to learn his full message and be part of the group replace to the neighborhood at 1:00pm Jap.
— Star Atlas (@staratlas) July 24, 2023
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