- Axie Infinity developer Sky Mavis has significantly reduced its head count.
- The firmโs founder has stressed that the layoffs are not financially motivated.
- Sky Mavis joins a layoff trend highlighting that the industry is still very much in its early days.
Despite the market recovery that has seen Bitcoin run to new all-time highs, crypto job cuts continue in 2024 and show no signs of slowing. The latest firm to announce layoffs is the play-to-earn pioneer Sky Mavis, developer of the popular Axie Infinity game. The layoffs follow similar announcements from DYDX and ConsenSys in recent weeks, a trend highlighting that the industry is still very much in its early days.
Sky Mavis Announces Cuts
Axie Infinity developer Sky Mavis has significantly reduced its head count. On Saturday, November 25, the firmโs CEO Trung Nguyen disclosed that it had laid off 21% of its workforce or about 50 workers per a Tech in Asia estimate, suggesting the firm had about 250 workers.
Sponsored
Disclosing the development, Nguyen stressed that financial constraints did not motivate the layoffs.
โI want to be absolutely clear: this decision is not related to the companyโs 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,โ Nguyen asserted.
โRather than trying to build products for all users, we are doubling down on what makes Sky Mavis truly exceptional,โ he added.
Nguyen cites the areas of focus of Ronin Wallet, Mavis Marketplace, Axie Infinity, a new Axie Infinity game, and Web3 game publishing in general.
With the recent jobs cut, Sky Mavis has added to a trend highlighting that the industry may still be in its early days.
Still an Industry in Its Infancy?
Like Sky Mavis, several leading crypto firms, including Polygon Labs, DYDX, and ConsenSys, have also carried out layoffs in 2024, citing a need to streamline operations. The recent trend suggests that several firms in the industry have grown too big too soon. At the same time, it also highlights that several firms are still defining their core value proposition.
Despite Sky Mavisโ announcement of job cuts, AXS and RON, the tokens related to Axie Infinity and Ronin, are up 6.9% and 8.8%, respectively, in the past 24 hours.
On the Flipside
- Sky Mavis is not the only leading crypto firm to engage in significant layoffs this year.
- Sky Mavisโ core products, Axie Infinity and Ronin network, have experienced significant growth this year.
Why This Matters
Despite the bull market, the recent trend of crypto job cuts highlights the complexity of efficiently managing firms in the fast-growing and evolving industry.
Read this for more on recent job cuts in the industry:
ConsenSys Puts ETH Price Worries Back in Focus with 20% Jobs Cut
See how MetaMask is simplifying swaps for users:
No ETH, No Problem: How MetaMask Is Enabling Swaps Without ETH for Fees
