Immutable has let go of about 6% of its workforce, including lead designer James Wakeham who was involved in the development of the game developer’s popular non-fungible token (NFT) game Gods Unchained.
See related article: Play-to-earn game developers pivot to engaging fans
- A spokesperson from Immutable’s U.S. branch told gaming media outlet Kotaku that it had decided to conduct “a small reorganization with Gods Unchained”, adding that the Sydney-based firm is on track to reach a headcount of 360 in the next five months.
- Immutable has about 280 employees at present, Kotaku reported.
- Immutable joins cryptocurrency companies like Coinbase and Gemini in downsizing during a volatile crypto market nagged by uncertain macroeconomic conditions such as rising interest rates and soaring inflation.
- Immutable reached a US$2.5 billion valuation in March after a US$200 million Series C round led by Temasek, with investments from Animoca Brands and Tencent.
See related article: Why blockchain gaming needs more rules and regulations