Immutable, the Australian crypto gaming company valued at $2.5 billion in a 2022 funding round, is cutting nearly all of its internal game development teams and will outsource most work on its own titles, Forbes Australia has learned.
Per the report, the change centers on Immutable Audience, the company's AI-powered game growth platform.
James Ferguson, Immutable's co-founder, told Forbes Australia that the company had opened its platform beyond web3 games to traditional games, especially around growth tools.
James Ferguson
- Ferguson told Forbes Australia the company still has "10 years of runway," though he also said it won't break even by year-end and expects to keep burning "hundreds of thousands" per month while growing Audience.
The cuts hit Immutable's internal game studio, including the teams behind its best-known in-house games.
As Forbes Australia reports, chief studio officer Justin Hulog told staff in a Slack message that the company would outsource Elderym operations, the unit tied to Gods Unchained and Guild of Guardians, to a third-party provider.
Hulog said crypto game Gods Unchained would continue as Immutable's core revenue-generating studio product, while Guild of Guardians would move into "Evergreen/ Maintenance Mode."
- Amid the report, the price of IMX, the native utility and governance token of Immutable, dropped by nearly 5% to $0.13, down 98% since its all-time high reached five years ago, per data from CoinMarketCap.
- The pivot comes as web3 gaming has struggled since the 2021 and 2022 hype cycle. Forbes Australia cited Caladan data showing the average crypto game token is down 95% since 2022.
- Venture funding for the sector also dropped from $4 billion in 2022 to just $360 million in 2025, per data from Galaxy Research.
- Immutable raised $200 million in March 2022 from investors including Temasek, Tencent and Animoca Brands, bringing its valuation to $2.5 billion.