Web3 Gaming Studio Mythical Games Lays Off 10% of Its Employees

Three executives departed the developer of Web3 video games earlier this week.

AccessTimeIconNov 4, 2022 at 9:50 p.m. UTC
Updated Nov 7, 2022 at 3:12 p.m. UTC

Cam Thompson is a news reporter at CoinDesk.

Web3 gaming studio Mythical Games has let go 10% of its staff, the company said Friday. Mythical did not respond immediately when asked how many people this represented, but Mythical's LinkedIn page says it has about 320 employees.

The firm cited the economic downturn, likely exacerbated by the harsh crypto winter, as the reason for the layoffs.

"[We] have had to reevaluate and restructure some areas in our business accordingly," a spokesperson from Mythical told CoinDesk. "Unfortunately, as a result, we had to make the painful decision to let some of the members of our team go."

On Wednesday, Senior Vice President Chris Ko, Chief Operating Officer Matt Nutt and co-founder Rudy Koch announced their departures from the firm, raising questions around the state of Mythical's internal affairs.



DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Cam Thompson is a news reporter at CoinDesk.

CoinDesk - Unknown

Cam Thompson is a news reporter at CoinDesk.