- Web3 gaming unicorn Mythical Games cuts about 10% of its workers as a part of commercial enterprise restructuring.
- The layoffs come an afternoon after three pinnacle executives left the startup.
Web3 gaming unicorn Mythical Games has laid off about 10% of its workers as a part of commercial enterprise restructuring, mentioning a challenging financial environment. “Like all companies, we’ve been suffering from the financial downturn and feature needed to reevaluate and restructure a few regions of our commercial enterprise accordingly,” stated Nate Nesbitt, a spokesperson for Mythical Games, in an e-mail announcement to The Block. “Unfortunately, as a result, we were forced to make the difficult decision to let several crew members leave. Currently, the startup employs about 321 people. Consistent with facts from LinkedIn. The process cuts come at some point after three pinnacle executives — Rudy Koch, Chris Ko and Matt Nutt — introduced that they have been leaving the startup in an unrelated move.
Mythical Games isn’t the only tech company downsizing this week. Companies like Stripe, Lyft and Twitter have declared layoffs across the tech industry. In recent weeks, Crypto firms have also announced layoffs at Bitmex, RSG and Crypto.com.
A web3 gaming unicorn
When the game production studio raised a $150 million Series C round in November last year, valuing it at $1.25 billion, it became a unicorn. Andreessen Horowitz led the financing. Other backers of the firm include Michael Jordan, Binance Labs, Galaxy Interactive, FTX, and Alumni Ventures. According to a company statement, Mythical Games has raised more than $270 million, with the lion’s share ($225 million) introduced in 2021.
The startup planned to use the funds to expand its team and develop NFT-based games, Play to Win. However, as the macroeconomic environment worsened with rising interest rates and inflation, trading and sales volumes of gaming NFTs have fallen sharply since the startup raised the issue.