Splinterlands to reduce team size by 45%, points in current market conditions by DailyCoin

© Reuters. Splinterlands to reduce team size by 45%, points in current market conditions

Splinterlands, one of the most played Play to Earn (P2E) games, confirmed Thursday that it will be laying off 45% of its staff in light of current market conditions. The NFT-based strategy card game distanced itself from Epic FTX, claiming it had no money on exchanges or services at risk, and had no debt or use of leverage.

Hearthstone competitor sadly shared that the value of its cryptocurrency holdings has plummeted. This shortened her available runway and forced her to cut corners. In addition, the amount of revenue that Splinterlands could generate was also hurt by the growing chaos in the market.

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What is being stored for the future?

Splinterlands has supposedly built up a long runway of money, consisting of fiat and crypto assets, to pay for its roadmap. The card-based game developer recently announced its latest addition, Tower Defense, to mobile users, and has been making a lot of buzz about its upcoming title.

However, due to fear-driven and uncertain market conditions, Splinterlands had to tear the bandage and make tough decisions. In response to unfortunate events, Blackjack to Win shifts its focus toward delivering on its promises to society.

Splinterlands, in their blog post, shared that they won’t be releasing any new games or pre-sales for the foreseeable future, and instead, they’ve been prioritizing work on their updated roadmap for 2023. Fortunately, Splinterlands isn’t going to stop tower defense and games. The other that I promised earlier this year, to keep its promise.

Here’s what Spliterland’s updated roadmap for 2023 will include:

  • Earth
  • Ronnie
  • Defense tower
  • insurgency
  • SPS verification contract
  • New player experience
  • Game updates and rewards
  • DEC laundries and coupons
  • Training League: Goals

Splinterlands stated that with this restructuring, along with a planned capital increase, it could better position itself, and not worry about running out of runway. Splinterlands aims to focus on putting things on the table that will bring tremendous value to its ecosystem and community in the long term.

Splinterlands shared a concrete idea to finally push to new heights in the future thanks to its community. Furthermore, the studio has suggested that the community is free to sell its assets, as some people may see the restructuring as a reason to give up their assets. However, Splinterlands later added that it was confident of emerging from the bear market and global recession to build better products and deliver value to its community.

on the flip side

  • Splinterlands isn’t the only company that has had to cut corners due to chaotic market conditions. Twitter, Meta, Amazon (NASDAQ:) and other tech giants are also going through a wave of layoffs. Subsequently, two competing blockchain game companies, Mythical Games and Dapper Labs, also announced staff cuts.
  • Despite reporting over 100,000 players per day and ranking second on DappRadar, Splinterlands could not stay afloat in the current market conditions, reporting a decline in its revenue.
  • Competitors like Alien Worlds, The Sandbox, and more are still going strong. These companies are still hiring and holding contests.

Why should you bother

Splinterlands’ demise might seem questionable, considering it’s so high on the leaderboards. The restructuring may cause people to worry about the project and the Web 3.0 gaming space in general. Looking at the uncertain market conditions, we can see more Web 3.0 game company layoffs.

Who else was affected by the bear market?

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