cryptojournalist
Layoffs and Strategic Realignment
Sky Mavis, the developer of Axie Infinity and the Ronin blockchain, announced a 21% workforce reduction to realign its priorities. CEO Trung Nguyen explained the decision was not due to financial troubles but to better position the company for growth. Affected employees will receive severance packages and job placement support.
Plans for a New Axie Infinity Game
Nguyen revealed that resources saved from the layoffs will fund several projects, including a new Axie Infinity game. While no specifics were shared, Sky Mavis will also focus on improving the Ronin Wallet, expanding the Ronin Network, and publishing Web3 games.
Decline in Axie’s Blockchain Assets
Despite claims of financial stability, Axie Infinity’s blockchain assets have seen steep declines. Axie NFTs, once valued at over $700 in 2022, now trade for $0.33. The AXS token, which peaked at $164.90 in 2021, is now worth around $8.07. Smooth Love Potion (SLP) tokens have dropped from $0.39 to $0.0036.
Ronin’s Mixed Performance
The Ronin blockchain’s native token (RON) saw an all-time high of $4.45 in March 2024 but has since dropped to $1.77.
GIPHY App Key not set. Please check settings