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Crypto gaming prodigy Immutable is cutting its workforce again

NFT gaming startup Immutable has cut its workforce for the second time in six months, shedding an additional 11% of the team.

A further 32 positions will disappear, on top of the 20 positions cut in July last year, less than a year after the Sydney start-up rose to prominence as a fast-growing tech unicorn.

Last March, Immutable raised $280 million Series C led by Singapore’s sovereign wealth fund Temasek, backed by Hong Kong-based gaming software company Animoca Brands and Chinese video game giant Tencent. The round valued the company at $3.5 billion.

CEO James Ferguson wrote to the startup’s “Immutables” this morning to outline the changes and “role eliminations” in the company.

They include outsourcing the development of some of its web2 gaming products, including Guild of Guardians and Gods Unchained, to allow the company to focus on web3 aspects such as NFTs and tokenomics.

He said they are reducing investments in areas that are not directly in line with the company’s strategy of “doubling others”.

The platform and studio product and engineering teams, and platform and studio marketing functions are being rationalized, reducing the company’s workforce by approximately 11%.

“This is difficult news and I am sorry to all Immutables affected by these changes,” he said, adding that he takes “full responsibility for these actions.”

Staff were given a 30-minute warning before being called for meetings, with access to the system blocked in the meantime.

“I believe this is the only sensible choice in light of our responsibility to protect sensitive business and customer information and to ensure that access to our systems is secure,” Ferguson wrote.

The company offers an average wage of 10 weeks to its staff, waives vesting conditions on its employee sharing program, the chance to keep their laptops, 3 months unlimited Employee Assistance Program and immigration support for those with a visa related to their work.

“However, I am confident that these tough choices will strengthen Immutable’s long-term position by protecting delivery of the roadmap and ensuring our category leadership,” said Ferguson.

“We are unwaveringly convinced of the significant opportunity we are seizing and we know there is so much innovation and transformation ahead for web3 gaming. We have ambitious goals; nothing has changed in our commitment to achieving them – and we see 2023 as a critical year to do just that.”

READ NOW: GameStop partners with Sydney startup Immutable to create the world’s largest gaming NFT marketplace


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