The developer of the popular NFT game STEPN is laying off more than a hundred employees, moderators and ambassadors, and is also cutting investments.
The company will reduce investment in its main project to focus on promoting the firm and its future projects, such as the new NFT exchange platform currently under development.
The main reason for layoffs, according to the company, is the ongoing recession in the digital asset market. Despite the fact that the company earned approximately $112 million in July, its GMT token has shown itself to be a very volatile asset over the past few months. In June, for example, GMT lost about 98% of the value it reached two months earlier.
The June cyberattack on the game added to the company’s problems. The STEPN team reported a DDoS attack that resulted in a temporary system crash and erroneous removal of platform clients as bots. As a result of this, some users of the game were completely removed from the platform.
The STEPN (GMT) token is currently trading at $0.6294 and has a market cap of $377,000. It has lost roughly 1% over the past 30 days. According to Dune Analytics, the STEPN app is now used by about 5,000 people per day and 22,000 per week.
Earlier, Red Company announced the release of the NFT game Biom. The game is a tandem of two projects of the company: the Animals Red List NFT collection and the TON Earth metaverse.
Source: Bits
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