Battlebound Shuts Down Amid Challenges in Web3 Gaming
Written with artificial intelligence.
Battlebound, a blockchain gaming studio, has announced its closure, canceling its upcoming RPG Anterris and leaving the future of Evaverse uncertain. The studio, which raised significant funding, cited difficult market conditions as a key factor in its decision.
Closure of Battlebound
Battlebound, a studio known for its blockchain games, has announced its shutdown, marking another loss within the evolving Web3 gaming landscape. The studio was developing two titles: the metaverse game Evaverse and an RPG called Anterris, which has now been canceled.
Despite raising $4.8 million in seed funding in 2022 from notable investors like a16z and Dapper Labs, along with an additional $3 million through NFT sales, Battlebound struggled to secure enough resources for larger-scale projects. The studio operated with a budget typically suitable for an 'AA game,' which is substantially lower than the costs associated with 'AAA games' that can exceed $100 million each.
In a statement, Battlebound expressed that they had worked diligently over four years, striving to extend their operational runway while seeking new funding. However, they ultimately faced insurmountable challenges in the market. CEO Adam Hensel reflected on the experience, noting the satisfaction of seeing players engage with their work during the final playtest.
The shutdown of Battlebound is part of a broader trend in the blockchain gaming sector, with other studios like Midnight Society also ceasing operations in recent months. According to research from Game7, new blockchain game announcements dropped by 36% compared to the previous year, and only 45% of known crypto games are currently playable, indicating a slowdown that could signal a shift towards higher-quality projects in the future.