Crypto gaming company ImmutableX cuts 11% of staff as it faces restructuring.

The largest crypto gaming start-up, Australian NFT gaming company Immutable, has announced that it will be laying off 11% of its employees. According to news sources, this decision is part of the company's plan to focus on the essential aspects of the business. Immutable's Co-founder and CEO, James Ferguson, apologized to the impacted employees and took full responsibility for the decision.

This news comes amidst a series of layoffs in the web3 industry, with over 2,000 jobs lost in the past year alone. High-profile crypto companies such as Dapper Labs, Polygon Labs, and Magic Eden have all seen layoffs, with Coinbase laying off 20% of its workers and closing most of its operations in Japan.

Immutable X is a developer platform for Web3 games and offers a layer-2 scaling solution for NFTs on Ethereum. Its NFT marketplace allows players to trade or mint with near-zero gas fees, while its gaming studio has supported and built high-quality NFT games. Immutable is the creator of popular NFT trading card game Gods Unchained and NFT RPG game Guild of Guardians. Reports suggest that core members from the development of the NFT trading card game are among those affected by the layoffs.

In the face of recent layoffs, Immutable remains committed to moving forward and investing in the company's growth and development. A spokesperson for the company has confirmed that Immutable X, the company's NFT gaming platform, will continue its operations, and investments will still be made towards its growth. While the layoffs may have been a tough decision, Immutable is determined to make the necessary changes to ensure the company's long-term success in the competitive world of crypto gaming.