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Sky Mavis, the creator of Axie Infinity, has reduced its workforce by 21% to concentrate on its primary products and align with its long-term objectives. Over the weekend, CEO Trung Nguyen clarified that this choice was not linked to the company’s budget or financial health.
“Rather, it is a strategic decision that enables a more focused approach and positions Sky Mavis for significant growth in 2025 and beyond,” he stated on X.
The layoffs are projected to affect around 50 employees from the global team of 250 members. Those impacted will receive severance packages and support for job placement.
2024 has been a pivotal year for Sky Mavis. The Ronin Wallet has exceeded 10 million downloads. Currently, Ronin ranks as the third most utilized blockchain globally, boasting over 1.1 million daily active addresses.
As crypto-friendly regulations gain momentum, we foresee a surge of…— trungfinity.ron (@trungfinity) November 23, 2024
How Sky Mavis Transformed Gaming with Axie Infinity
Established in Vietnam, Sky Mavis transformed blockchain gaming with the introduction of Axie Infinity in 2018. A group of Vietnamese entrepreneurs and developers spearheaded the project, aiming to merge traditional gaming elements with blockchain technology.
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They launched the “play-to-earn” model, allowing players to earn cryptocurrency through gameplay, thus creating a completely new genre within the industry.
Axie Infinity continues to be Sky Mavis’s most significant achievement, drawing inspiration from titles like Pokémon. Players can collect, battle, breed, and trade creatures known as Axies, which are unique non-fungible tokens (NFTs). Each Axie’s individual characteristics contribute to its collectibility and worth within the game’s ecosystem.
The game surged in popularity during the COVID-19 pandemic as the play-to-earn model garnered worldwide interest. At its peak, the game attracted millions of players, with daily active users reaching into the hundreds of thousands.
New Axie Game, Marketplace, and Developer Ecosystem Expansion in Focus
In 2022, hackers executed a significant attack on Sky Mavis, stealing cryptocurrency valued at nearly $600 million from the Ronin Network, a blockchain specifically designed for Axie Infinity.
Sky Mavis promptly committed to fully compensating affected users to rebuild player trust. To address the financial losses, it secured $150 million in a funding round led by Binance.
Looking ahead, Trung Nguyen announced that the company intends to broaden the Ronin Network to accommodate more developers while enhancing the Ronin wallet. The company also plans to focus on developing the Mavis marketplace, launching a new Axie game, and exploring opportunities in Web3 game publishing.
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