The Australian blockchain gaming company Immutable has made its second round of layoffs, cutting 11% of its staff.
According to the Sydney Morning Herald, CEO James Ferguson explained that the cuts were necessary to extend the company’s runway and concentrate on the most important projects.
The changes will involve outsourcing the development of more traditional game aspects to partners and reorganizing some of its divisions.
The developer, known for its blockchain trading card game Gods Unchained, had previously laid off over 20 employees, or about 8% of its total headcount in July 2022.
Immutable is a pioneer in blockchain and NFT gaming, having secured large funding rounds and high valuations.
In June 2022, the company announced a $500 million fund for web3 game adoption, and it raised $200 million in Series C funding earlier in the year with support from industry giants such as Coinbase Ventures, Animoca Brands, Tencent, and Temasek.