Immutable, an Australian studio, has fired the developers of Gods Unchained, a popular crypto-game. Immutable Games Studio has announced that it is cutting back on several employees due to a dip in crypto prices.
James Wakeham was the lead designer for Immutable’s blockchain-based digital trading game, Gods unchained. He recently posted on Twitter that he and a few others were fired, and that Wakeham is looking for a new job.
The company announced the layoffs on Monday during an all-hands meeting. They affected 6% of its workforce.
Immutable has been valued at $2.5 billion after its most recent round of fundraising, which saw it secure $200 million. It is the company behind Immutable X (an Ethereum level-2 scaling solution for games and non-financial transactions), which has been used by many firms, including Tik and GameStop.
James Ferguson, CEO and cofounder of Immutable, stated to employees that the company was still in a “fantastic position,” according reporting by .
Immutable, a company that is currently developing the action role-playing game Guild of Guardians under development by Stepico Games, has stated elsewhere that it does not plan to reduce its efforts to hire new employees despite recent layoffs.
“We are increasing our hires across product engineering and tokenomics in Gods Unchained while we focus on scaling it mainstream and beyond,” an Immutable spokesperson told Kotaku Australia .
The spokesperson stated that they had made the decision to conduct a small restructuring within Gods Unchained in order to better help them achieve their goal of creating the next generation web3 games.
According to spokesperson, Immutable now has 280 employees instead of 180 at the beginning of the year. They also stated that the company, which is based in Australia, is on track to increase its workforce to 360 within the next five month.
Twitter user Wakeham explained his decision to resign in response to one user who did not understand the company’s decision, and asked Immutable about its financials.
Wakeham stated, “They have a very lengthy runway.” “They realized that not all the people working on the game were supporting the direction the product should go.”
Immutable’s decision reduce its workforce comes amid a widening of layoffs by companies in the cryptocurrency sector.
Many companies have used the ongoing crypto winter to justify their decision to let go of employees. They also pointed out that the decline in the price of cryptocurrencies has negatively affected business operations.
According to CoinMarketCap, the global cryptocurrency market reached a record $2.9 trillion market cap in November 2021. However, it has fallen to just over $1 trillion.