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

Blockchain gaming studio Proof of Play is shutting down after three years, having raised US$33 million in a seed round led by Andreessen Horowitz (a16z) and Greenoaks. The company's central thesis was that blockchain games could help create a decentralized internet, but it failed to build a product or sustainable business.

Proof of Play published the Pirate Nation Unity client on GitHub seven weeks before announcing its wind-down, describing it as an open-source archival release. The game's artwork and intellectual property were also made available under a CC0 license, which waives copyright entirely.

The company's other game, Shiba Story Go!, has been sold to an unnamed buyer. Meanwhile, the independent Pirate Nation Foundation will continue to support the PIRATE token, which traded at US$0.0012 on Thursday for a market capitalization of about US$884,000 - 99.74% below its July 2024 high.