ChronoForge, a Web3 gaming studio focused on building a multiplayer online action RPG, will discontinue operations by December 30.
Financial challenges led to this decision, with the founders having supported development with personal funds since July and cutting staff numbers by 80%.
According to a post on X on December 10, several factors contributed to the company’s closure. Operating without resources for promotion, losing key development team members, and a general lack of enthusiasm for Web3 gaming played a role, despite the ongoing release of new features and updates.
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Abhishek Pawa from AP Collective, a consulting firm, stated that the studio’s end demonstrated the current difficulties in the Web3 gaming industry, especially for GameFi-focused businesses.
Pawa pointed to industry-wide issues that have made it difficult for similar projects to remain active or profitable.
Minted Loot Studios created ChronoForge with funding and assistance from Rift Foundation, an organization responsible for the game’s token ecosystem. Rift Foundation collected over $3 million through sales of its RIFT token.
Development for ChronoForge began in 2022, starting with the launch of its first non-fungible token (NFT) series and initial steps to build an online community around the game.
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