NFT gaming studio Immutable will conduct the second stage of staff optimization — it will affect 11% of employees. Writes about it Sydney Morning Herald.
The publication cited an internal notice from CEO James Ferguson. According to him, the decision was prompted by the need to maximize cash reserves and “direct resources to the most important projects.”
“This is hard news and I apologize to everyone [сотрудникам]affected by these changes. As CEO, I am aware that the cuts will affect the lives of many people, and I take full responsibility for these actions, ”the message says.
According to media reports, the optimization process also includes outsourcing “traditional aspects of games” to development partners. This will allow the company to focus “on Web3 components” by reorganizing some divisions.
The cuts were first reported in Immutable by the media in July 2022. Then it became known that more than 20 employees (about 8% of the staff) would lose their jobs.
The project is known for the blockchain games Gods Unchained and Guild of Guardians, as well as its own second-level Ethereum protocol Immutable X.
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 led by Bitkraft Ventures and King River Capital.
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, the company created a similar structure with a budget of $40 million together with the gaming portal Kongregate.
Recall that since the beginning of 2023, Coinbase, ConsenSys, Gemini, Luno, Matrixport, Chainalysis, Blockchain.com, Genesis Trading and Bittrex have reported optimization.
The company behind the development of the decentralized Filecoin platform, Protocol Labs, announced the reduction of 89 employees (about 21% of the state).
Blockchain platform Polygon has decided to lay off about 100 employees.
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