Blockchain Video Game Firm Mythical Games Lays Off 10% Of Workforce

Mythical Games is a web3 gaming developer that recently raised over $270 million in venture capital. laid off Its headcount has increased by 10% in startups’ bid to adapt to a difficult business environment and rein in costs.

Nate Nesbitt is a spokesperson Mythical Games discussed the development and stated that it was just like all businesses, Mythical had been affected by the downturn and needed to restructure and reevaluate certain areas of its business. The executive then said: “Unfortunately, as a result, we had to make the painful decision to let some of the members of our team go.”

According to data from a LinkedIn profile, Mythical had approximately 320 employees. In recent months, Web3’s gaming unicorn has abandoned traditional corporate structures in favor of a decentralized approach. In October, the firm established the Mythical Foundation as part of efforts to decentralize the gaming ecosystem.

The layoffs at a firm that was once valued at $1.25 billion in its latest valuation There is a general low interest in so-called play to earn video games. These games promise players the ability to sell or buy in-game goods and receive real-life cash using blockchain tokens and nonfungible tokens.

Three top executives from the Web3 gaming developer had just announced their resignations. announced They will be leaving the company on Wednesday.

Rudy Koch was co-founder, Chris Ko was Senior Vice President and Matt Nutt Chief Operating Officer and Head of Games announced their departures to LinkedIn. The announcement included details about upcoming venture opportunities.

Mythical Games, the latest affected tech company, is here. High-flying startups Record valuations, ambitious expansion goals, and massive hiring goals have led to record hiring. Companies are now announcing layoffs, freezes, or hiring slowdowns.

Investors and founders are preparing to navigate what looks like an economic downturn — and perhaps even a recession.

Meta, Coinbase, Netflix, and Salesforce are just a few of the big tech companies that have recently announced layoffs due to rising costs, rising inflation and bear market and rising interest rates.

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