Sky Mavis Reduces Workforce to Focus on Strategic Growth

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Sky Mavis, the developer of the popular altcoin game Axie Infinity (AXS), announced it will lay off approximately 50 employees from its global team of 250. The company clarified that this decision is not related to financial issues but is purely strategic. Sky Mavis aims for significant growth looking toward 2025 and beyond.

Company’s Growth Focus

Trung Nguyen, CEO and co-founder of Sky Mavis, stated that the layoffs are intended to provide the company with clearer focus. Nguyen emphasized, “This decision has been made to prepare Sky Mavis for rapid growth in 2025,” highlighting that the company will concentrate on projects like the Ronin Network and Mavis Marketplace.

He also noted that the growth of Axie Infinity and the development of a new Axie Infinity game are among the company’s top priorities.

Axie Infinity’s Rise

Founded in 2018, Sky Mavis gained significant popularity through the blockchain-based game Axie Infinity. During the COVID-19 pandemic, the game attracted 2.7 million daily active users and generated a weekly trading volume of 214 million dollars in NFTs. However, in 2022, a major hack of the company’s Ronin Ethereum sidechain resulted in a loss of 600 million dollars, allegedly carried out by the North Korea-backed Lazarus hacker group.

Nguyen expressed expectations for an innovation and adaptation wave with the acceptance of Web3 projects, reiterating Sky Mavis’s commitment to its mission. He stated, “Our goal is to provide economic freedom to everyone, starting with players.”

As of the time of this report, the main network asset AXS coin is trading at $8, reflecting a 1.98% decrease in the last 24 hours. Recent data shows that the game altcoin has risen by 40.26% over the past week and 71.11% over the last 30 days.

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