NFT gaming studio Immutable has cut its staff by more than 20 employees. It is reported by The Block, citing its sources.
Layoffs have affected approximately 8% of the company’s workforce, based on its LinkedIn profile, which lists 310 people.
The project is known for the blockchain games Gods Unchained and Guild of Guardians, as well as its own Ethereum protocol of the second level Immutable X.
According to the publication’s interlocutors, for the most part, the reductions affected the team of the flagship product Gods Unchained and the recruiting division.
Industry media resource Kotaku confirmed layoffs at Immutable. Journalists noticed that one of the leading developers of the game announced on Twitter that he was looking for a job. According to him, the studio cut “a bunch of people.”
The company said it was “a minor reorganization of the Gods Unchained team to help achieve the goal of creating the next generation Web3 game.” A comment to Kotaku also claims that Immutable continues to be “actively hiring.”
“It was a difficult choice made after thoughtful consideration. We hate losing our team members and will ensure a smooth transition for those affected by the reorganization. Immutable started the year with 120 employees and now has 280,” the studio said in a statement.
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.
The same month, the firm closed a $60 million Series B funding round. Bitkraft Ventures and King River Capital led it.
In March 2022, Immutable raised $200 million in a Series C investment round at a $2.5 billion valuation.
In June, the company announced the launch of a $500 million ecosystem fund to fund Web3 game developers and NFT-focused startups based on Immutable X. Previously, and the company created a similar structure with a budget of $40 million together with the gaming portal Kongregate.