Blockchain gaming company Immutable eliminates around 8% of their workforce

The blockchain gaming company responsible for the web3 game Gods Unchained has laid off “more than 20” staff.

According to LinkedIn, the developer Immutable has 310 employees, so the layoffs represent around 8 percent of its staff. According to reports, the restructuring is centred on the main strategic NFT card game. Other job cuts at Immutable were centred in the talent acquisition department.

The layoffs were carried out early this week after an unplanned 15-minute discussion with all employees, according to a source who requested anonymity due to the situation’s sensitivity.

The layoffs are the most recent instance of a web3 or crypto-first company cutting staff. This month, the NFT marketplace OpenSea lay off almost 20% of its workers in a single swoop. Coinbase, Gemini, BlockFi, and BitMEX have all announced significant job reductions, reversing previous plans to raise or even triple the workforce by year’s end.

The Australian game company has established a reputation as one of the pioneers of blockchain and non-fungible token (NFT) gaming, resulting in massive financing rounds and significant valuations. The news follows the company’s June statement that it would establish a $500 million fund for web3 gaming adoption.

It also obtained $200 million in Series C fundraising on March 7, reaching a value of $2.5 billion. It previously received support from notable investors like Coinbase Ventures, Animoca Brands, Tencent, and Temasek.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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