Another Blockchain Gaming Studio Shuts Down: Battlebound Closes its Doors
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End of an Era for Battlebound
After overseeing two games, including the metaverse game Evaverse with an EVA token and an in-development RPG called Anterris, Battlebound has announced its closure. The Evaverse token has seen a drastic drop of over 99% from its all-time high, leading to the studio’s decision to shut down.
Having raised $4.8 million in seed funding in 2022 from investors such as a16z and Dapper Labs, Battlebound also generated an additional $3 million through the sale of NFTs. Despite having the budget for what is often referred to as an “AA game,” the studio did not have the resources for more ambitious projects, such as “AAA” games with budgets exceeding $100 million each.
Evaverse screenshot
The Journey Comes to an End
In a post announcing the closure, Battlebound expressed gratitude for the traction gained over four years with a dedicated team. Despite efforts to extend their runway and secure additional funding, the challenging market dynamics ultimately led to the decision to close the studio.
CEO and founder Adam Hensel, who previously worked at Riot Games, expressed appreciation for the players who participated in the final playtest, reflecting on the years of hard work that went into the games.
Screenshot from Anterris game in development
The Impact on the Gaming Industry
Despite the closure of Battlebound, the challenges faced by the studio are not unique. Other blockchain-powered or crypto-optional games, such as Dauntless and Eternal Dragons, have also been canceled in recent times. The closure of Midnight Society, the studio behind the NFT-optional shooter Deadrop, further highlights the struggles faced by ambitious game developers in the current landscape.
While the shutdown of these studios is disheartening, it also sheds light on the evolving nature of the gaming industry. The decrease in new blockchain game announcements and funding rounds indicates a shift in the sector, with a potential slowdown that could lead to a more sustainable ecosystem for crypto gaming.
Funding round sizes for Web3 gaming over time, from Game7
Looking Towards the Future
As the landscape of blockchain gaming continues to evolve, the closure of Battlebound serves as a reminder of the challenges and opportunities present in the industry. While the closure of studios may be a setback, it also paves the way for new innovations and developments in the world of crypto gaming.
Chart of Web3 gaming funding from Game7