Media reports layoffs at Immutable, the NFT-game developer

The gaming NFT studio Immutable has cut its staff by more than 20 employees. The Block reports, citing its own sources.

The layoffs affected roughly 8% of the company’s workforce, based on its LinkedIn profile, where it currently lists 310 people.

The project is known for the blockchain games Gods Unchained and Guild of Guardians, as well as its own Ethereum-second-layer protocol Immutable X.

According to sources cited by the publication, the majority of the cuts affected the Gods Unchained flagship product team and the recruiting division.

The layoffs at Immutable were confirmed by the industry outlet Kotaku. Journalists noted that one of the game’s lead developers announced on Twitter that they were seeking work. According to him, the studio cut ‘a ton of people’.

Bad news, me and a bunch of people just got made redundant at Immutable. I’m a senior level game designer with 7+ years experience and 4+ years leading the design on a live service TCG. Any help with jobs would help a lot. DM me. Help me feed my cat Oscar! (Oscar not need a job) pic.twitter.com/LQVgdRmKhv

— James Wakeham (@VideoJamesDev) July 26, 2022

The company said this was a “small reorganization of the Gods Unchained team designed to help achieve the goal of creating the next-generation Web3 game.” In a comment to Kotaku, it is also stated that Immutable continues to “actively hire staff”.

“It was a difficult choice made after thoughtful consideration. We hate losing members of our team and will ensure a smooth transition for those affected by the reorganization. Immutable started the year with 120 employees and now counts 280,” the studio said.

In September 2021 Immutable raised $12.5 million in an IMX token sale on the CoinList platform. The sale ended in less than an hour.

In the same month the company closed a Series B funding round of $60 million. It was led by Bitkraft Ventures and King River Capital.

In March 2022 Immutable raised $200 million as part of a Series C round valuing the company at $2.5 billion.

In June the company announced the launch of an ecosystem fund of $500 million to finance Web3 game developers and NFT-focused startups built on Immutable X. Earlier, a similar structure with a budget of $40 million was created by the firm in partnership with the gaming portal Kongregate.

In February the American retailer GameStop announced the launch of an NFT marketplace based on Immutable’s L2 solution. The partners even announced the creation of a joint fund of $100 million in IMX tokens.

In March the beta version of the platform launched, but the retailer chose a different second-layer protocol for it — Loopring.

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