Immutable Lays Off 11% of its Employees

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NFT gaming studio Immutable has announced it plans to conduct a second stage of staff optimization which involves the layoff of 11% of the company’s workforce, the The Sydney Morning Herald has reported.

According to an internal notice from the company’s CEO James Ferguson, the decision was prompted by the need to maximize cash reserves and “direct resources to the most important projects.”

He has said:

“This is hard news and I apologize to all [employees] affected by these changes. As CEO, I am aware that the cuts will affect the lives of many people, and I take full responsibility for these actions.”

According to media reports, the optimization process also includes outsourcing “traditional aspects of games” to development partners, which will allow the company to focus “on Web3 components” by reorganizing some divisions.