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.
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