Worlds leading crypto game platform and developer, ImmutableX, restructures and reprioritizes its efforts by reducing 11% of its workforce. Learn more about this decision and what it could mean for the platform.
Is 2023 the year of crypto layoffs?
So far, signs have indicated that it might be heading in that direction. Just recently, the popular NFT game platform, ImmutableX announced its layoffs in its workforce. The reduction will comprise 11% of its employees
According to sources, the job cuts were due to a major restructuring of its priorities as a company. The focus will shift toward more significant projects that require funding. Co-founder, James Ferguson, said in a statement “ I take full ownership for these actions.” Furthermore, he offered a sincere apology by saying “I am sorry to all Immutables impacted by these changes”.
The news of the job cuts comes as ImmutableX releases its recent game passport and in lieu of awards for its flagship games, Gods Unchained and Guild of Guardians. ImmutableX is primarily known for its NFT marketplace, designed to enable fast and cheap transactions for non-fungible tokens (NFTs) on Ethereum, and has already attracted high-profile partners such as Nifty Gateway, SuperRare, and OpenSea.
ImmutableX has cited that a primary reason for the layoffs is to maximize its cash reserves. This will allow major projects to receive the most funds, reprioritizing how it allocates their resources.
2023 Crypto Layoffs
2023 has proven to be a recent difficult time for crypto companies. Companies such as Coinbase and Polygon Labs have also commenced similar layoffs, cited to be due to the effects of the bear market conditions.
Similarly, the company behind NBA Top Shot NFTS, Dapper Labs has also laid off its workers. To be precise 20% of its workforce. The NFT marketplace Magic Eden has cut 22 roles as part of its company restructuring.
Take note that these have all occurred just a few months into 2023. Will this be a streak of continuing layoffs for the web? Or have we seen the last of this charade? Despite the job cuts, ImmutableX remains optimistic about the future of the Ethereum ecosystem and the potential of Layer 2 scaling solutions. The company plans to continue building out its technology and expanding its partnerships in the space.
Final Thoughts
ImmutableX’s decision to reduce its workforce is a reflection of the challenges faced by many companies in the blockchain and cryptocurrency space. As the industry matures and competition increases, companies must adapt to changing market conditions to remain viable and successful.
Edmond is a passionate writer for Video games, GameFi and Web3. He has worked for top GameFi companies and video game/crypto news websites.
