ChronoForge, a Web3 game studio developing multiplayer RPGs with onchain assets, will shut down on December 30th after months of operation with significant team cuts. The studio cited “many difficulties,” especially a lack of funds that forced founders to self-fund from July and cut 80% of staff. The development team continues to try to maintain feature updates despite having no marketing budget, low revenue, losing co-developer partners, and a downturn in the Web3 gaming market sentiment.
ChronoForge was developed by Minted Loot Studios, with Rift Foundation managing the RIFT token and ecosystem, which had previously raised over $3 million USD. The project launched in 2022 with its first NFT collection.
The GameFi industry continues to decline in 2025, with 93% of projects considered “dead” and token prices dropping 95% from their peak. However, DappRadar data shows that GameFi still accounts for nearly 28% of dApp activity in October.
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