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ATMTA, a Solana-based Web3 gaming firm that runs the favored Star Atlas sport, has revealed a serious restructuring of its operations in response to difficult market circumstances.
The corporate’s CEO launched an in depth assertion outlining the transfer on its Discord, which features a vital discount in headcount to make sure the continued improvement of Star Atlas:
“ATMTA is present process a big headcount discount as a way to protect its long-term means to proceed creating Star Atlas by prioritizing our SAGE and cell merchandise which might be more likely to present nearer-term traction whereas extending improvement timelines on our different merchandise.”
Having quickly grown in 2021, ATMTA confronted industry-wide upheaval throughout 2022 and 2023 that adversely affected its revenues and participant acquisition. The corporate, nonetheless, continued its progressive work, releasing high-quality content material and constantly pushing the boundaries within the Web3 gaming area.
Regardless of these achievements, monetary challenges have necessitated an operational overhaul. Notably, a 3rd of the income from ship gross sales was held within the ATMTA’s native ATLAS token, which has since suffered a big depreciation.
The agency additionally incurred a substantial tax legal responsibility and misplaced about “$15 million from our treasury with the collapse of FTX, which represented a good portion of our liquid money stability.”
Efforts to boost capital throughout this era, although vigorous, had been largely unfruitful. ATMTA thus needed to take the troublesome resolution to cut back its group measurement and reorient its give attention to the SAGE sport and the cell crew companion app, which have proven promising development potential:
“Our remaining core group can be composed of 45 people, down from a peak of 235 in late 2022 and 167 after the post-FTX reductions.”
Submit-restructuring, ATMTA will function with a leaner group, making certain they’ve the required agility and give attention to delivering on their prioritized merchandise and sustaining its current ones. The transfer additionally goals to make the agency extra enticing to potential traders, with the objective of increasing product improvement when circumstances allow.
Immediately ATMTA introduced a serious change in its operations.
CEO & Star Atlas co-founder @at_mwagner has addressed these modifications in an in depth letter to the group.Go to https://t.co/LdjcSys6uC to learn his full message and be a part of the group replace to the group at 1:00pm Japanese.
— Star Atlas (@staratlas) July 24, 2023
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