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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 important discount in headcount to make sure the continued improvement of Star Atlas:
“ATMTA is present process a major headcount discount as a way to protect its long-term potential to proceed growing Star Atlas by prioritizing our SAGE and cellular 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, nevertheless, continued its progressive work, releasing high-quality content material and constantly pushing the boundaries within the Web3 gaming house.
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 major 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 lift capital throughout this era, although vigorous, had been largely unfruitful. ATMTA thus needed to take the troublesome choice to scale back its group measurement and reorient its give attention to the SAGE sport and the cellular crew companion app, which have proven promising progress potential:
“Our remaining core group will probably be composed of 45 people, down from a peak of 235 in late 2022 and 167 after the post-FTX reductions.”
Put up-restructuring, ATMTA will function with a leaner group, guaranteeing they’ve the mandatory agility and give attention to delivering on their prioritized merchandise and sustaining its present ones. The transfer additionally goals to make the agency extra enticing to potential buyers, with the objective of increasing product improvement when circumstances allow.
At present 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 neighborhood.Go to https://t.co/LdjcSys6uC to learn his full message and be part of the group replace to the neighborhood at 1:00pm Japanese.
— Star Atlas (@staratlas) July 24, 2023
