Crypto gaming company Immutable has reportedly laid off more than 20 employees from its team, including core members of Gods Unchained, its NFT trading free-to-play card game.
Immutable, which is also called the “Aussie crypto star” with a value of $2.4 billion, announced the 6% layoff decision on Monday during an all-hands meeting hosted by newly appointed chief studio officer Justin Hulog and Immutable co-founder and CEO James Ferguson.
24 hours notice
Staff members were told of upcoming layoffs during the meeting, which was conducted through Google Meet and lasted around 30 minutes, although Ferguson assured them that Immutable is in “a fantastic position.” Following that, a manager and an HR representative met with each team member for 15 minutes to discuss their future employment status.
The employees were then informed that they could apply for other positions inside the company, but sources claim that these positions weren’t appropriate for individuals who would lose their jobs. Unfortunately, the staff who requested to leave was only given 24 hours’ notice. The following day, it was announced that employees who didn’t want to apply for other positions with the company would be let go.
Immutable trimmed a major portion from Gods Unchained team
The majority of the layoffs affected employees who worked on the development of Gods Unchained, signaling that the project was “gutted.” The project’s remaining participants are either C suite executives or junior staff. According to its website, Immutable is currently accepting applications for only two positions on Gods Unchained. Notably, in June, Immutable announced a $500 million fund to accelerate Web3 gaming adoption.
The Immutable layoffs occur as a number of cryptocurrency businesses backtrack from the industry’s highs of November 2021. While 20% of workers at OpenSea, the largest NFT marketplace, were let go earlier this month, Coinbase also announced the trimming off 18% of its global workforce in June.
However, some exchanges like Binance believe that this is the best time to grab bright minds and expand their position in the crypto space.
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