Sky Mavis, the developer behind the gaming altcoin Axie Infinity, has announced that it will lay off approximately 50 employees from its global team. CEO Trung Nguyen stated that this decision is a strategic move, not a financial necessity, and that the company is focused on its 2025 goals. The growth of Axie Infinity and the development of new gaming projects are among Sky Mavis’ primary goals.
Sky Mavis, the developer of Axie Infinity (AXS), has decided to lay off approximately 50 employees from its 250-person global team. The company announced that this move has nothing to do with the financial situation and is the result of a purely strategic orientation. Sky Mavis is targeting significant growth, especially after 2025. CEO Trung Nguyen stated that the layoffs will help the company focus more and said, “This decision was made to prepare Sky Mavis for rapid growth in 2025.” Nguyen added that the company will focus on projects such as Ronin Network and Mavis Marketplace. He also emphasized that the growth of Axie Infinity and the development of a new Axie Infinity game are among the company’s main goals.
The Rise of Axie Infinity
Founded in 2018, Sky Mavis gained huge popularity thanks to its blockchain-based game Axie Infinity. During the COVID-19 pandemic, the game gained attention by reaching 2.7 million daily active users and $214 million in weekly NFT trading volume. However, in 2022, a major hack on the company’s Ronin Ethereum sidechain led to a loss of $600 million. The attack was allegedly linked to the North Korean-backed Lazarus hacker group.
CEO Trung Nguyen stated that they expect a huge wave of innovation and adaptation with the adoption of Web3 projects. Reiterating their commitment to Sky Mavis’ mission, Nguyen said, “Our goal is to provide economic freedom to everyone, starting with the players.”
At press time, Axie Infinity’s mainnet asset, AXS coin, was trading at $8, down 1.98 percent in the last 24 hours. The data shows that the gaming altcoin has increased by 40.26 percent in the last 7 days and 71.11 percent in the last 30 days.
