Story developer PIP Labs cuts 10% of staff to focus on AI

Intellectual property (IP) development company PIP Labs has cut approximately 10% of its workforce to focus on its AI agent and IP infrastructure business, Decrypt reported. The reduction includes five full-time employees and three contractors. Although PIP Labs secured an $80 million investment at a $2 billion valuation in 2024, the price of its IP token has fallen 86% from its all-time high. The move is seen as a strategic shift toward AI-based services in response to the token's price decline and changing market conditions, the outlet added.