Australian crypto game developer Immutable has announced its plans to lay off 11% of its workforce in mid-2022, despite already making significant cuts earlier. Immutable is particularly known for its NFT trading card game, Gods Unchained. The company had earlier laid off 20 employees, or about 6% of its workforce, but it seems insufficient to overcome financial difficulties, particularly in the cryptocurrency market. The CEO and co-founder, James Ferguson, expressed his regret and took responsibility for the decision. Immutable has reportedly outsourced development of video games to other partners to focus on improving their proficiency in Web3 and cryptocurrency technology. The company is also implementing organizational adjustments to recover from financial losses, including redirecting spending to new “core areas.” Despite the difficult decision, Ferguson believes these are necessary moves to strengthen Immutable’s long-term position, as Web3 games still have a lot of potential for innovation and transformation. It’s worth noting that the company had secured a significant investment of 200 million AUD in early 2022, led by Temasek, to support its overall growth objectives, but it is unclear how the funds were used.
