NFTs hit $158M weekly sales as Sky Mavis cuts workforce

NFT sales maintained strong momentum, recording a weekly sales volume of $158 million from November 18–24.

While this represents a 12.7% drop from the previous week, it remains significantly higher than early November levels, when weekly sales were just $93 million.

Total NFT sales for November surpassed $400 million, outpacing October’s $356 million.

Ethereum (CRYPTO:ETH) and Bitcoin-based (CRYPTO:BTC) NFTs were the leading contributors to this performance.

Sky Mavis, the company behind Axie Infinity (CRYPTO:AXS), announced a 21% reduction in its workforce.

Co-founder and CEO Trung Nguyen explained that the layoffs are part of a shift in priorities, allocating resources toward new projects, including a fresh Axie Infinity game.

The value of Axie Infinity NFTs has sharply declined, with the floor price dropping from over $700 in 2022 to $0.33 as of November 25.

Nguyen emphasised that the layoffs were unrelated to broader NFT market trends.

Meanwhile, Kraken has decided to shut down its NFT marketplace.

Starting November 27, the platform will enter a withdrawal-only phase for three months before its complete closure.

A Kraken spokesperson stated that the decision reflects a reallocation of resources toward new products and assured customers of support during the transition.

In another development, FIFA and Web3 gaming studio Mythical Games announced a collaboration to launch a free-to-play blockchain game called FIFA Rivals.

Available on iOS and Android, the game will allow players to manage soccer clubs and compete against others.

The Mythos Foundation will handle the game’s cross-chain infrastructure, NFT economy, and support for gaming guilds.