PANews reported on December 11th, citing Cointelegraph, that Web3 game studio ChronoForge is shutting down after months of operation with a drastically reduced team. This closure highlights the severe financial pressure the Web3 gaming industry is facing during the current market downturn. On Wednesday, the studio announced it would cease all services by December 30th, citing "numerous adverse factors," including a shortage of funds. Since July, the funding shortage has forced the founders to personally fund development, and the number of employees has been reduced by 80%. The team stated that despite the immense financial pressure, they continued to operate, releasing patches and new features, "despite no marketing budget, revenue below maintenance levels, the loss of co-developers, and extremely poor sentiment in the Web3 gaming market." ChronoForge is reportedly developed by Minted Loot Studios. Its affiliated entity, the Rift Foundation, oversees the game's tokens and ecosystem. The foundation raised over $3 million through the sale of RIFT tokens to support game development. The project launched in 2022 with the release of its first NFT collection and the commencement of early community building efforts.PANews reported on December 11th, citing Cointelegraph, that Web3 game studio ChronoForge is shutting down after months of operation with a drastically reduced team. This closure highlights the severe financial pressure the Web3 gaming industry is facing during the current market downturn. On Wednesday, the studio announced it would cease all services by December 30th, citing "numerous adverse factors," including a shortage of funds. Since July, the funding shortage has forced the founders to personally fund development, and the number of employees has been reduced by 80%. The team stated that despite the immense financial pressure, they continued to operate, releasing patches and new features, "despite no marketing budget, revenue below maintenance levels, the loss of co-developers, and extremely poor sentiment in the Web3 gaming market." ChronoForge is reportedly developed by Minted Loot Studios. Its affiliated entity, the Rift Foundation, oversees the game's tokens and ecosystem. The foundation raised over $3 million through the sale of RIFT tokens to support game development. The project launched in 2022 with the release of its first NFT collection and the commencement of early community building efforts.