Crypto Gaming 'Death List' Exaggerates Studio Closures

A viral crypto gaming 'death list' circulating online has exaggerated the scale of studio closures in the space. The list, which has been making the rounds on X, names four distinct collapses: Nyan Heroes, 9 Lives Interactive, Ember Sword, and Bright Star Studios.

In reality, there are only two collapsed studios: Nyan Heroes, a Web3 shooter built by 9 Lives Interactive, and Ember Sword, a MMORPG developed by Bright Star Studios. Both shut down in May 2025 due to an inability to raise fresh capital, with their tokens now trading roughly 99% below their peaks.

The list is also already out of date, as three other crypto gaming projects have since wound down: Proof of Play, Forgotten Runiverse, and Wildcard. According to a report by Caladan, the sector's failure rate stands at around 93%, with token values averaging 95% below their 2022 highs.