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Web3 game studio ChronoForge announces it will cease all services on December 30 due to funding shortages
Deep Tide TechFlow News, December 11th, according to Cointelegraph, Web3 game studio ChronoForge announced it will cease all services on December 30th. The studio is developing a multiplayer action role-playing game centered around on-chain asset ownership.
In a statement, ChronoForge said it has faced “numerous obstacles,” including funding shortages that have forced the founders to self-fund development since July, and an 80% layoff. The team continues to operate without a marketing budget, with income below sustainable levels, losing co-developers, and amid a bearish sentiment in the Web3 gaming market.
According to the blockchain game platform ChainPlay, by the end of last year, 93% of Web3 game projects were considered to have stopped operating, and GameFi token prices have fallen 95% from their all-time highs. More than half of the venture capital firms investing in GameFi are experiencing losses.