Splinterlands announced on November 17, 2022, via their Twitter account that they would have to part ways with a number of their team members.
“Today, we have had to make the extremely difficult decision to reduce the size of the Splinterlands team by roughly 45%. Before anyone asks – no, we did not have any funds in FTX or any other at-risk exchanges or services, nor do we have any debt or use leverage in any way”.
The company had amassed a sizable runway of capital in cash and cryptocurrency, and it used that capital throughout the year to develop its roadmap. Unfortunately, business suffered a double blow from the declining cryptocurrency market and the general markets. Along with their cryptocurrency holdings losing value, the amount of money the company could make also decreased as the community felt the effects of the falling markets.
Given the recent, incredibly depressing developments in the cryptocurrency sector, it is evident that this market weakness may be worse and last for a lot longer than any of us had anticipated. As a result, Splinterlands needed to take action to ensure they could survive a prolonged downturn and still be in a position to lead the industry when it was over.
The community is the lifeblood of crypto, blockchain, and web 3 space projects, and Splinterlands is no exception. Asset ownership gives communities in web3 projects a considerable advantage over communities in traditional projects. Owning assets strengthens the bonds between a business and its clients and even between clients.
Some people might view this as justification to liquidate their assets and move on. For Splinterlands, this is a fresh start. With this change, they have positioned the organization to ride out a protracted bear market and global recession while building products and delivering value to their community.
News about the Splinterlands Land expansion was also posted on their official Twitter account for those who couldn’t attend Splinterfest. The Splinterlands Land expansion represents the most ambitious update in their game’s history.
