When brothers James Ferguson and Robbie Ferguson began developing blockchain-based games in 2018, the sector was still emerging. Their Sydney-based company Immutable later expanded from game development into blockchain infrastructure, creating technology aimed at supporting digital asset trading and blockchain gaming applications. The company was co-founded by the Fergusons alongside Alex Connolly and developed with contributions from a broader team of engineers, developers and designers.
From Etherbots to a broader gaming platform
The company began as Fuel Games. Its first product, Etherbots, launched in 2018 and allowed players to collect and trade digital robots recorded on the Ethereum blockchain. Later that year, the founders launched the pre-sale of Gods Unchained, a digital trading card game based around blockchain technology.
The project was supported by early investors including Continue Capital, Nirvana Capital, Sora Ventures and Coinbase. The concept behind the game was that players could own and trade digital cards through blockchain-based ownership systems.
In 2019, Fuel Games changed its name to Immutable and shifted its focus from developing individual games towards building technology infrastructure for blockchain applications. A key development was Immutable X, an Ethereum layer-2 network developed with StarkWare, designed to improve transaction speed and reduce costs associated with trading digital assets.
Moving from games to infrastructure
Immutable X became a central part of the company’s strategy as Immutable expanded its focus beyond individual gaming titles. The platform was designed to support developers and businesses building blockchain-based applications, including marketplaces and digital asset platforms.
The company attracted Investment during the period of increased interest in blockchain technology. In 2022, Immutable announced initiatives supporting blockchain gaming projects and raised a Series C funding round led by Temasek, with participation from investors including Tencent and Animoca Brands.
Why the layer-2 approach became important
The technical challenge behind Immutable’s infrastructure relates to the limitations of processing transactions directly on major blockchains. High activity levels can result in slower transaction times and increased costs.
Layer-2 networks operate alongside the main blockchain and process transactions through additional systems before recording final information on the underlying network. Immutable X was developed to address these challenges for gaming and digital collectibles by providing technology designed for faster and lower-cost transactions.
Operating through a difficult market cycle
The growth of blockchain gaming coincided with a period of increased Cryptocurrency market activity, followed by a broader market downturn in 2022. The decline affected many companies operating in the sector, including Immutable.
During this period, the company reduced its workforce, including roles associated with Gods Unchained. The value of its IMX token also declined during the broader cryptocurrency market decline.
Despite these challenges, Immutable continued developing products and partnerships. Guild of Guardians, a mobile role-playing game associated with Immutable, launched in 2024. The company also continued working with external developers and businesses using its blockchain technology.
Challenges facing blockchain gaming
Blockchain gaming remains an evolving sector with regulatory, technical and market challenges. Companies operating in this area must consider issues including digital asset regulation, platform policies and changing consumer adoption.
In 2023, Gods Unchained and another blockchain-related title received an adults-only rating from an American ratings organisation due to the use of cryptocurrency features. The classification affected availability on certain platforms before policy changes were made.
Robbie Ferguson has represented Immutable publicly through much of its development, while James Ferguson has also played a key role in the company’s direction. Immutable identifies Alex Connolly as a co-founder alongside the Ferguson brothers.
As a private company, estimates of founder Wealth are based on ownership interests and external valuations rather than publicly disclosed personal holdings. The development of Immutable also reflects contributions from its employees, technology partners and investors.
The evolution of a blockchain gaming company
Immutable’s development shows how some companies in emerging technology sectors shift their focus over time. The company began with blockchain-based games before moving towards infrastructure designed to support other developers and digital asset applications.
The long-term adoption of blockchain gaming remains uncertain, with outcomes influenced by technology developments, user Demand and regulatory changes. Immutable’s approach has focused on building technology that supports the broader ecosystem rather than relying only on individual game releases.
