Ubisoft's NFT Avatars Launch

GM. Lootbox here farming web3 gaming loot, so you don't have to.

In today's Lootbox

• Layoffs from two big gaming chains

• Ubisoft's Rabbids going live in Sandbox

• The Sneakies - Avalanche partners with Esports platform

Layoff Season As Crypto Winter Continues

Recently, two chains saw massive growth in gaming after Solana got impaired by the FTX virus.

The two chains? Polygon and Immutable.

But it seems the crypto winter has hit their homes too.

Polygon sheds 20% of staff

Yesterday, Polygon announced it is cutting 20% of its staff. That's about 100 positions.

Its "official" reason?

It's consolidating multiple business units under Polygon Labs, currently led by Ryan Wyatt as President.

To confirm that the layoffs were not for financial reasons, Founder Sandeep Nailwal revealed that the treasury has $250 million and over 1.9 billion MATIC. As we learned from FTX, base tokens don't mean s**t if your ecosystem is nose-diving.

And this raised some concerns

For which Sandeep pointed that there is $100 million allocated to their venture fund that isn't accounted for in the treasury.

The good move here is Polygon is offering the laid-off staffers a 3 months severance package.

Immutable following suit

As they say, the best time to do layoffs is when others are doing it.

Immutable cut 11% of their staff, stating they are attempting to make the most of their cash reserves and prioritize important productions.

According to the numbers submitted to the Australian Securities and Investments Commission, Immutable earned $27 million but made a net loss of $56 million. And with $280 million in cash, it all makes sense.

Loot take

Layoffs are never fun, both for the employer and the employee. The silver lining is startups are still raising funds to build their big dreams, so they can get good talent shed by the big fish while employees find a new home.

Ubisoft's Rabbids Finally In The Sandbox

Ubisoft hasn't had the cleanest track record when it comes to NFTs. Remember the Ghost Recon Breakpoint NFTs shaky reception?

That didn't stop them from continuing with their previously announced plans for NFT avatars made last year, Rabbids.

If you have played Rayman, you know these mischievous little characters.

The scoop

Ubisoft announced it is releasing 2,066 of the Rabbids avatars on Polygon, each selling for 100 SAND. 

Sales started yesterday for those on the allowlist, while the public can purchase today, February 22, 2023.

On February 28, Sandbox is launching a Rabbids game world that would house a limited number of playable experiences. Rabbids holders are promised future utility, including access to potential drops.

The Sneakies

• Despite the crypto winter, big brands still flooding into the space as General Motors files NFT patents for Chevrolet and Cadillac.

• Avalanche partners with Indian game streaming platform Loco to launch an NFT marketplace for Esports fans.

• Crypto Unicorns adds former Axie Infinity Esports Head to their team.

• Gala Games acquires Ember Entertainment to bring all of its mobile games to the Gala ecosystem.

• Azra raises an additional $10 million to bring its total seed raise to $25 million as Strider raises $5.5 million for its collaborative story-driven platform.

• Yield Guild Games is raising $75 million for its first venture fund. 

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