A16z-Backed Blockchain Gaming Studio Proof of Play Shuts Down

Proof of Play, an A16z-backed blockchain gaming studio, has shut down after concluding that its core thesis - fully onchain games can create sustainable player engagement and token value - failed to materialize. The company launched in 2022 with a vision of building games that lived entirely on public blockchains.

Despite years of development and technology built for this model, including the Apex Chain rollup, Proof of Play found insufficient player demand and economic viability to justify continued operations. As a result, it will wind down its business, open-source its flagship game's code, and transfer stewardship of the PIRATE token to an independent foundation.

This shutdown marks another setback for the blockchain gaming sector, which has struggled to produce games capable of retaining mainstream audiences once token incentives faded. The sector attracted billions during the 2021-2022 crypto bull market but has since seen several prominent projects shut down or scale back operations.