ChronoForge is a Web3 game studio focused on on-chain asset ownership and developing a multiplayer action RPG. After months of struggling with a significantly reduced team size, the studio announced it will cease operations, highlighting the severe financial pressures facing the Web3 gaming industry during the current market downturn.
The studio announced on Wednesday that it will terminate all services on December 30. It pointed out that it is facing "numerous headwinds," including a funding gap—since July, due to insufficient financing, the founders have been forced to sustain development with their own funds and had to reduce the team by 80%.
In a statement posted on social media, the team expressed that they have been operating under extreme financial pressure, continuously releasing patches and new features, despite having "no marketing budget, revenue below maintenance levels, losing co-development partners, and facing poor sentiment in the Web3 gaming market."
Abhishek Pawa, founder of the crypto consulting firm AP Collective, stated that this closure "reflects the difficulties of the Web3 gaming market in this cycle."
ChronoForge was developed by Minted Loot Studios, with its affiliated entity, Rift Foundation, responsible for the game's tokens and ecosystem. The foundation previously raised over $3 million through the sale of RIFT tokens to support development.
The project became active in 2022, when it launched its first NFT series and initiated early community building.
Web3 games (often referred to as GameFi) have faced weak funding and declining user interest for most of 2025.
According to a report from blockchain gaming platform ChainPlay, as of the end of last year, 93% of Web3 game projects were considered to be stalled. At that time, the prices of GameFi tokens had dropped 95% from their historical highs.
This trend stands in stark contrast to the previous crypto bull market—during the peak of the market in 2022, GameFi projects experienced explosive demand growth.
Venture capital interest in the sector has also waned due to poor returns. According to ChainPlay data, by the end of 2024, more than half of the VCs investing in GameFi had reported losses.
However, there are still some bright spots in the market. Data from DappRadar indicates that GameFi and decentralized finance were the two most active sectors in Web3 in October this year, with gaming accounting for nearly 28% of all decentralized application activity that month.
Related: Analyst: Ripple (XRP) price could rise from $2 to $10 in less than a year
Original: “ChronoForge to Shut Down Due to Funding Chain Break and Turmoil in Web3 Gaming”
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