ChronoForge to shut down amid funding collapse and Web3 gaming turmoil
ChronoForge’s shutdown highlights mounting financial strain across Web3 gaming as shrinking budgets and dismal market sentiment take their toll.
ChronoForge, a Web3 game studio developing a multiplayer action RPG centered on onchain asset ownership, is shutting down after months of operating with a drastically reduced team, a closure that underscores the severe financial pressures facing the Web3 gaming sector during the current market downturn.
On Wednesday, the studio announced it will cease all services by Dec. 30, citing “many headwinds,” including a funding shortfall that forced the founders to finance development out of pocket since July and reduce staff by 80%.
In a statement posted to social media, the team said it had continued operating under intense financial strain, pushing out patches and new features “despite no marketing budget, below sustainment revenue, loss of codevelopers and terrible Web3 gaming sentiment.”