Immutable teases ‘multibillion dollar’ collab that could be its game with Ubisoft

Immutable has been building a game with Ubisoft that was slated to unveil in April. It may be a TCG.

April 22, 2025 01:30 pm

CG_dmitriy/Shutterstock and Adobe modified by Blockworks

This is a segment from The Drop newsletter. To read full editions, subscribe.

Immutable co-founder Robbie Ferguson wrote on Tuesday morning: “Tomorrow we announce the outcome of a multibillion dollar partnership that’s been in the works for 2+ years.”

While we didn’t hear anything from Immutable by publication time, it could be about their game with Ubisoft.

Immutable’s partnership with Ubisoft’s Strategic Innovation Lab was first announced in November 2023.

Newsletter

Subscribe to The Breakdown

During an on-record interview at the Game Developers Conference in March, Immutable Chief Studio Officer Justin Hulog told Blockworks that he has been “working on co-developing a game with Ubisoft that we’re going to announce next month” for the past two and a half years. He added that “it’s one where we’ve really worked with their dev team to take the best of their learnings around TCGs.”

“Gods Unchained has been running for four years, so that’s been really helping to combine those two learnings together,” Hulog said.

While more specific details about the new game have not yet been made public, it’ll likely have blockchain elements and may use Immutable’s zkEVM, which Immutable is leading game developers toward these days over its Immutable X chain.

Ubisoft is the studio behind the Assassin’s Creed, Far Cry and Tom Clancy game franchises, to name a few. The studio previously launched Champions Tactics: Grimoria Chronicles using the Oasys blockchain back in October 2024.

“I believe, really, that we should stay chain-agnostic,” Ubisoft’s Innovation Lab VP Nicolas Pouard said during a panel moderated by Blockworks during the Game Developers Conference. Pouard did not immediately respond to Blockworks’ request for comment.

Before Champions Tactics, Ubisoft unveiled its Ubisoft Quartz NFT platform and released NFTs on Tezos for its Tom Clancy game Ghost Recon: Breakpoint back in 2021.

The IMX token pumped after Ferguson’s tweet, spiking 28% from $0.46 right before the post to $0.59 within two hours, per CoinGecko data. IMX is up about 34% in the past week.

Get the news in your inbox. Explore Blockworks newsletters:

The Breakdown: Decoding crypto and the markets. Daily.
0xResearch: Alpha in your inbox. Think like an analyst.

Tags

Newsletter

The Breakdown

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Digital Asset Summit 2026

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

buy tickets learn more

recent research

Research

Kinetiq Protocol: From LST Infrastructure to HIP-3 Deployer

Kinetiq has established itself as Hyperliquid's dominant liquid staking protocol, holding 82.5% of LST market share with $610M in TVL. The protocol is now expanding beyond its kHYPE staking core into higher take-rate verticals: iHYPE for institutional custody rails, Launch for HIP-3 capital formation, and Markets for builder-deployed perpetuals. We view Markets, launching Jan. 12, as the highest-potential product line given its mechanically scalable, activity-linked unit economics. Near-term revenue remains anchored by kHYPE's KIP-2 fee schedule (~$1.6M annualized), while Markets provides embedded optionality if HIP-3 economics normalize post-Growth Mode. KNTQ's setup is relatively clean: zero insider unlocks until November 2026, 6.2% buyback yield from staking revenue, and cleared airdrop overhang. Risks center on unproven Markets execution, declining kHYPE TVL despite ongoing incentives, and competition from Hyperliquid's native initiatives.

by Shaunda Devens