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Called the “Australian cryptostar” and worth $ 3.5 billion (US $ 2.4 billion), crypto game startup Immutable has at least 20 staff members, including Gods Unchained, a core member of the NFT trading card game, Tuesday morning. Was fired.
The layoff, which affected about 6% of the company’s workforce, was held Monday morning at a full-time meeting hosted by Justin Hulog, who was appointed CEO of Immutable in March, and James Ferguson, Immutable CEO and co-founder. It was announced. , A source told CNET. Staff on vacation were required to attend at least 24 hours in advance.
During a meeting that lasted about 30 minutes via Google Meet, staff were informed that a layoff was imminent, but Ferguson ensured that the immutable was in a “great position.” Each member of the team then had a 15-minute meeting with the HR representative and his manager, during which he was told if he would lose his job.
Later, staff were told they could apply for other roles within the company, but CNET sources said the available roles weren’t suitable for those who could lose their jobs. Staff who didn’t want to apply for other jobs in the company were told on Tuesday morning that they would be let go.
Immutable layoffs occur when some crypto companies retreat from the industry’s dizzying highs in 2021. Coinbase, the largest crypto exchange in the United States, Dismissed 18% of employees in June20% of employees at OpenSea, the largest NFT marketplace, were fired earlier this month.
Most of the layoffs were centered around the staff involved in the development of Gods Unchained, sources told CNET, adding that the project was “eradicated.” The remaining members of the project are junior staff or members of the C Suite. According to its website, Immutable is currently only employed in two positions in Gods Unchained.
“We can see that Game Workers Australia is aware of the significant redundancy announced at Immutable. [on Tuesday]”Support for affected members has already begun,” said Tim Colwill, a trade union convenor for Game Workers Australia.
An immutable spokesperson said the company “made a difficult choice” by “making a small reorganization within Gods Unchained to better achieve its goal of creating next-generation web3 games.” However, the staff became redundant and did not know which team was affected by the layoff.
The layoff round takes place just a month after Robbie Ferguson, the unchanging president and co-founder. Told financial publication Blockworks “It’s not time to take your foot off the pedals.”
At the same time, Gods Unchained’s player base is declining. In early April, about 22,000 unique players logged in to the free game, which is now about 10,000. According to Cards Unchained, A privately owned site that tracks games. An internal note sent to staff on Wednesday shows that the company is investing in a role that allows Gods Unchained to expand “to millions of players by the end of next year” by reallocating resources.
The crypto market was hit in 2022. In what is called “Crypto Winter,” Bitcoin and Ether prices have fallen 55% and 61%, respectively, since January 1. Gods Unchained’s trade assets have also been hit dramatically, with a value just above $ 1 from about $ 11 in November 2021.
Despite the drop, James Ferguson Said According to the Australian Financial Review in May, the value of tokens has little to do with Immutable’s business proposals, most of which comes from the NFT trading platform Immutable X. The marketplace is used by companies such as GameStop and Illuvium.
Despite the layoffs, the company appears to be growing dramatically. An immutable spokesperson said the company plans to grow from 120 full-time employees at the beginning of the year to 280 today, reaching 360 by the end of the year.
If you are affected by a temporary dismissal at Immutable and would like to be contacted, You can safely contact the author via Protonmail.
Updated at 8:15 pm on July 26th PT: Added an internal note about Gods Unchained scaling.
