a16z-Backed Proof of Play Shuts Down, Open-Sources Assets

A blockchain gaming studio called Proof of Play has announced that it's shutting down after three years. The company raised US$33 million in a seed round co-led by Andreessen Horowitz (a16z) and Greenoaks in September 2023.

The studio, founded by Amitt Mahajan who also co-created FarmVille, couldn't build a product or sustainable business that proved its central thesis: blockchain games can help create a decentralized internet. The company said it will open-source most of its technology and Pirate Nation assets.

Pirate Nation itself closed a year ago, with gameplay and token rewards ending within 30 days. However, the independent Pirate Nation Foundation will continue to support PIRATE, which traded at US$0.0012 on Thursday for a market capitalization of about US$884,000, 99.74% below its July 2024 high.