Proof of Play Shuts Down Despite $33 Million in Funding
Proof of Play, a blockchain gaming studio backed by major investors including a16z, has shut down despite its ambitious plans to revolutionize the industry. The company cited its failure to build a scalable and sustainable Web3 gaming business as the reason for its closure.
The studio's flagship game, Pirate Nation, was a fully on-chain role-playing game that aimed to give players lasting ownership of their in-game assets. However, despite raising $33 million in September 2023, Proof of Play couldn't make its Web3 model sustainable and ultimately shut down operations without providing revenue or expense data.
The company released its code, contracts, artwork, and agent tool through public GitHub repositories to preserve elements of Pirate Nation. The Pirate Nation Foundation will continue supporting the PIRATE token after the closure. Meanwhile, Shiba Story Go has been acquired by an undisclosed third party and will continue independently.