Another one falls: Web3 game ChronoForge shuts down at the end of the month, and the founder couldn't hold on even after footing the bill

【Chain Wen】Another Web3 game studio can’t hold on anymore. ChronoForge confirms it will shut down completely by the end of the month, all services will cease before December 30.

This was actually foreshadowed early on — since July, the team has been operating with just the skeleton crew, with the founders pouring their own money in, and they cut 80% of the staff directly. Despite that, they persisted for a few months, releasing patches and updating features as usual. But what happened? No budget for marketing, income couldn’t cover costs at all, partners ran away, and the entire Web3 gaming sector’s atmosphere is utterly rotten.

Looking back, ChronoForge is developed by Minted Loot Studios, with the ecosystem and tokens managed by Rift Foundation. They originally sold RIFT tokens to raise over 3 million USD, and when they launched the NFT series in 2022, it was lively for a while, and the community was quite active.

Now, the ending is somewhat ironic — the money is burned through, the market has cooled down, and everything that was meant to be disbanded has disbanded. In this bear market, similar stories are probably going to play out one after another.