Immutable (IMX) is up 10% today after announcing a partnership with Ubisoft. The pair is releasing a new mobile game based on the “Might and Magic” series as part of Ubisoft’s broader Web3 strategy.

Immutable is planning to expand its gaming operations after the SEC dropped an investigation against the firm last month. The company is yet to announce more details about this new project.

Ubisoft Extends Its Web3 Venture

The past few years have been financially straining for Ubisoft, one of the largest and most popular AAA studios in the gaming industry. Known for its beloved gaming series, such as Assassin’s Creed, Tom Clancy’s Rainbow Six, Far Cry, and more, the studio has been slowly expanding into the blockchain space for some time now.

Ubisoft hasn’t directly partnered with Immutable before, but it has shown a lingering interest in the intersection of Web3 and gaming. The firm leveraged Ethereum’s blockchain technology six years ago, a partnership that is active and ongoing.

Today, the studio announced a new mobile game, which both parties seem optimistic about.

“Partnering with Ubisoft is a defining landmark for Immutable. There are clear synergies between Immutable Passport, Immutable Play, and Ubisoft Connect. By bringing these together into a combined offering for Might and Magic Fates players, we’re hoping to smoothly onboard into the Immutable ecosystem the 138+ million Ubisoft Connect users,” said Justin Hulog, Immutable’s Chief Studio Officer.

Earlier this year, Ubisoft was on the brink of fiscal insolvency. Unsuccessful gaming titles and a lack of sales almost paralyzed the company. The gaming community has constantly criticized the studio for forcing microtransactions without prioritizing gameplay.

However, the success of its latest release, Assassin’s Creed: Shadows, helped Ubisoft somewhat recover. Yet, the company still needs additional revenue streams to regain forward momentum.

For Ubisoft, a partnership with Immutable might provide the key. Blockchain gaming fell slightly in Q1 2025, but it started the year in an inflated market.

Immutable, for its part, has a lot to gain from the Ubisoft partnership. The blockchain gaming company received a Wells Notice from the SEC last year, but the Commission dropped its investigation in March.

Soon after, the firm started accelerating its Web3 expansion. The Ubisoft deal is a major accomplishment, and it helped push its IMX token upwards by 10%:

That said, the press release is very light on details about the actual game and the specific Web3 connection. Ubisoft’s announcement calls Might and Magic “one of the strongest IPs in gaming” but doesn’t mention Immutable’s role in the project.

The new title is set to be a card-based game with potential crypto-backed rewards. More details are expected in the coming days.