Blockchain Gaming Studio Proof of Play Announces Closure Following Unsuccessful Web3 Strategy
Studio backed by a16z plans to make Pirate Nation assets publicly available, as independent foundation takes over PIRATE token maintenance.
Following an inability to establish a viable business model around its vision for decentralized gaming, blockchain game development company Proof of Play has announced it will wind down its operations.
In a Tuesday announcement, the studio, which received funding from a16z, acknowledged its inability to create a product demonstrating that games built on blockchain technology could facilitate the emergence of a decentralized internet on a large scale. The company plans to release much of its codebase and creative assets to the public domain, encompassing the Pirate Nation title, its smart contract infrastructure, and proprietary software development tooling used internally.
According to Proof of Play's statement, the independently operated Pirate Nation Foundation will assume responsibility for maintaining the PIRATE token and ensuring the associated website remains accessible. That said, points accumulated within the Proof of Play ecosystem will hold no redemption value going forward.
The company has also released the visual assets and intellectual property rights connected to the Founder Pirates non-fungible token collection and the Pirate Nation franchise under a Creative Commons Zero license. Meanwhile, an undisclosed third-party buyer has taken ownership of its Shiba Story Go! title, which will remain operational as a standalone project.
During their height of activity, the Apex and Boss networks operated by Proof of Play held the distinction of being the top two consumers of gas fees measured throughout Ethereum's layer-2 rollup infrastructure