Web3 game studio ChronoForge will shut down on December 30 due to severe funding shortages. The studio, which has been operating with a significantly reduced team since July, announced the closure citing numerous adverse factors, including a lack of funds. Despite personal funding from founders and efforts to release updates, the studio could not sustain operations amid poor market sentiment and insufficient revenue. ChronoForge, developed by Minted Loot Studios, faced an 80% reduction in staff and struggled without a marketing budget. The Rift Foundation, which manages the game's tokens, had previously raised over $3 million through RIFT token sales to support development. The project began in 2022 with an NFT collection launch and community building initiatives.
ChronoForge to Cease Operations Amid Financial Struggles
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