ChronoForge to shut down amid funding collapse and Web3 gaming turmoil
Web3 game studio ChronoForge is shutting down by December 30 due to severe funding shortfalls and market downturn.Summary
ChronoForge, the Web3 game studio behind a multiplayer action RPG focused on onchain asset ownership, announced it will cease all operations by December 30. The closure follows months of operating with a drastically reduced team after a funding collapse forced founders to finance development personally since July and led to an 80% staff reduction. This event highlights the intense financial pressures within the Web3 gaming sector during the current market downturn. ChronoForge, developed by Minted Loot Studios, had previously raised over $3 million via its RIFT token sale through the affiliated Rift Foundation. The broader GameFi sector has struggled with weak funding and declining user interest, with reports indicating that 93% of Web3 game projects were defunct by late last year, and GameFi token prices had fallen 95% from their peaks. Despite the overall turmoil, gaming remains an active sector, accounting for nearly 28% of all decentralized application activity in October.
(Source：Cointelegraph)