Immutable signing about 15 studios a week, Ferguson says, with new product ‘imminent’

In Brief:

• Immutable co-founder and president Robbie Ferguson said the company added roughly 15 new game studios a week over the past 90 days and will announce a new product “imminently.”
• He said Immutable helped one game add 150,000 wishlists in 10 days and lifted wishlist-to-sale conversion 2.2 times. He named neither the game nor the product.
• The figures are self-reported and land on the sales pitch behind Immutable Audience, the growth platform the company has been pushing to web2 studios since opening Immutable Play beyond crypto games in August 2025.

Immutable is signing about 15 new game studios a week and plans to announce a new product “imminently,” co-founder and president Robbie Ferguson said in a post on X.

Ferguson listed the metrics from what he called “the last 90 days at @Immutable have been some of the biggest in the company’s history.” Along with the studio signings, he said Immutable “helped one game grow by 150k wishlists in 10 days” and “increased their wishlist → sale conversions by x2.2.”

He didn’t name the game, the product or a ship date. None of the numbers have been independently verified.

The wishlist pitch

That 2.2 figure sits at the center of Immutable’s current commercial argument. Research the company published in April says Steam wishlist-to-player conversion has slid from roughly 20% in 2018 to between 5% and 10% in 2026, a decline Immutable describes as structural rather than cyclical: more games ship every year, players wishlist earlier and more broadly, and the launch-window conversion needs work that most studios don’t do.

The data is Immutable’s own. The company says the benchmarks are aggregated from publisher conversations and platform analytics between 2018 and 2026, with customer uplift measured against pre-campaign control segments and reported in aggregate.

Immutable Audience is the product carrying that argument. It spans five products from first click to repeat purchase, capturing player emails while driving wishlists and pre-registrations, then running personalized campaigns, channel attribution and creator measurement on top. Immutable lists Ubisoft, NetMarble and more than 700 funded games as users. The identity layer underneath is Immutable Passport.

The repeated proof point is Ubisoft. Might & Magic: Fates built a pre-launch owned audience through Audience and ran a five-phase email sequence ahead of its February 2026 release. Players who arrived through that owned channel converted 2.8 times higher on day one than players coming through standard Steam storefront notifications, and the gap widened to 3.0 times by day 14. Immutable has separately said the title tripled its pre-registration-to-download conversion, to 10.2%.

How the funnel got here

Immutable opened Play to all games, including web2 titles, on Aug. 12, 2025, with Ubisoft as the first non-crypto studio to sign on. The company said at the time it had grown to 5.6 million wallets and 660 games, which it put at 70% of the web3 market.

Immutable framed the timing around three things: the Epic Games court ruling letting developers route payments outside app stores and avoid the roughly 30% cut, the CLARITY Act carving certain video game assets out of the digital commodity definition, and stablecoins maturing into payment rails that don’t require a crypto-native user. Ferguson’s stated rationale for building Play was that most games fail to pull enough players at launch.

A mobile gaming division followed on Sept. 19, 2025, aimed at a market Immutable sized at $121 billion. The company said it had already pushed three games to the No. 1 spot on the App Store and Google Play since April, and reported more than 680 funded games on the platform. Backers include Bitkraft and King River Capital.

The infrastructure has been consolidating in parallel. Immutable merged its two chains in 2026, keeping zkEVM as the base because its EVM compatibility gives studios room for complex onchain logic. Games and staking contracts moved first, then the sandbox and testnet environments, then the asset bridge. Running two chains had split liquidity and forced studios to pick a network before they’d shipped anything.

Immutable Pty Ltd was founded in Sydney in 2018 as Fuel Games by Robbie Ferguson, James Ferguson and Alex Connolly.

Announcing the mobile division last September, Ferguson called phones “the single largest opportunity in gaming” and said the company was “prepared to invest heavily in new products, talent and partnerships.”