Sky Mavis Lays Off Staff for Strategic Focus

Sky Mavis, the developer behind the renowned altcoin game Axie Infinity (AXS), has announced plans to reduce its workforce by around 50 employees from a total of 250. The companys leadership clarified that this move is strategic rather than a response to financial difficulties, as they set their sights on significant growth by 2025.

Trung Nguyen, the CEO and co-founder, explained that the layoffs are meant to sharpen the company‘s focus on long-term objectives. He stated, “This decision has been made to prepare Sky Mavis for rapid growth in 2025,” emphasizing the importance of projects such as the Ronin Network and Mavis Marketplace for the company’s future.

Sky Mavis emerged as a key player in the gaming industry since its inception in 2018, particularly through Axie Infinity. The game reached unprecedented popularity during the pandemic, attracting millions of users and generating substantial NFT trading volumes. However, the company faced a major setback in 2022 when a hack resulted in a loss of $600 million, attributed to a group linked to North Korea.

Moving forward, Nguyen anticipates a surge of innovation and adaptability within the Web3 space, reiterating the firms commitment to economic freedom for players. Key takeaways include:

• Sky Mavis is focusing on enhancing its platform through strategic layoffs.
• Axie Infinity remains a top priority for future growth.
• The company is dedicated to innovative Web3 projects to foster economic independence.

Currently, AXS is trading at $8, experiencing a slight decrease of 1.98% over the past day. Yet, it has shown impressive gains, rising 40.26% in the last week and 71.11% over the past month, indicating a resilient performance despite recent challenges.