James and Robbie Ferguson spent hundreds of hours on RuneScape and League of Legends as boys. James studied commerce and law and took a year off to learn coding in San Francisco. Robbie started a computer science and law degree, did not finish it and met Alex Connolly there.
In 2017 CryptoPunks showed that a digital item could be owned and traded. The brothers built Etherbots, a blockchain game launched in February 2018 that earned about $1 million in its first week. A seed round of $2.4 million, led by Continue Capital and Nirvana Capital, came before the Gods Unchained pre-sale in July 2018.
The company became Immutable in 2019 and built Immutable X with StarkWare. In 2021 it raised $3 million from sales of the founders' NFTs. In February 2022 it announced a $100 million fund with GameStop, and in March 2022 a $200 million Series C valued it at $3.5 billion.
The fall came in 2022, with the IMX token slipping and at least 20 layoffs in July. In December 2023 the ESRB gave Gods Unchained an Adults Only rating, and it was briefly removed from the Epic Games Store. Guild of Guardians launched in May 2024, and Immutable Audience, a Steam promotion tool, launched in August 2026.