#AIAndGameFiBoom NFT game developer

$AXL Axie Infinity will cut 21% of its staff

Sky Mavis has a workforce of around 250 people and the layoffs will affect 50 employees. Sky Mavis CEO and co-founder Nguyen Thanh Trung attributed the staff cuts to the fact that the company plans to focus on opening the Ronin Bridge in the first quarter of 2025.

In March 2022, hackers withdrew more than $600 million from Ronin Network, an Etherium sidechain designed for NFT-based games. After that, Axies, the ecosystem's collectible tokens that were once worth at least $700, collapsed to nearly zero. They are now worth only a few cents