Web3 game developer Mythical Games, which recently raised more than $270 million in venture capital, has laid off 10% of its staff as startups try to navigate a tough business environment and scramble to control costs. .

Nate Nesbitt, spokesperson for Mythical Games spoke about the development on Friday, saying that like all companies, Mythical has been affected by the economic downturn and has had to reassess and restructure some areas of its business accordingly. The executive then said: “Unfortunately, as a result, we had to make the painful decision to let go of some of our team members.”

Mythical had about 320 employees, according to data from a LinkedIn profile. The Web3 gaming unicorn has moved away from traditional corporate structures in recent months, favoring a more decentralized approach. In October, the company established the Fundación Mítica as part of efforts to decentralize the gaming ecosystem.

The job cut announcement comes just a day after three top executives at game developer Web3 Announced his departures from the company on Wednesday.

Co-founder Rudy Koch, Senior Vice President Chris Ko, and COO and Chief Gaming Officer Matt Nutt announced his departure on LinkedIn and shared details about new opportunities from upcoming ventures.

Mythical Games is the latest technology company affected. High-flying startups with record valuations, ambitious expansion plans, and big hiring targets are now announcing slowdowns, freezes, and, in some cases, mass layoffs.

Investors and founders are preparing to navigate what appears to be an economic downturn, and maybe even a recession.

Big tech companies including Meta, Salesforce, Coinbase and Netflix among others have recently announced layoffs amid cost cutting pressure, rising inflation, bear market and rising interest rates.

Image source: https://www.bloomberg.com/news/articles/2022-11-04/blockchain-game-studio-mythical-games-cuts-10-of-staff