Proof of Play Shuts Down Despite a16z Backing
Proof of Play, the Web3 gaming studio supported by a16z and known for the RPG Pirate Nation, is closing its doors after struggling to establish a successful blockchain gaming model. The announcement came on August 4, revealing that the company could not prove that fully on-chain games could be commercially successful. Despite securing $33 million in 2023, Proof of Play acknowledged that its foundational concept did not succeed. The studio plans to make much of Pirate Nation accessible to the public, including four repositories of the Unity client, smart contracts, and artwork under Creative Commons CC0. The PIRATE token ecosystem will persist through the independent Pirate Nation Foundation, although internal reward points will no longer be redeemable. Following this news, the PIRATE token saw a nearly 14% decline.
Key facts
- Proof of Play, a16z-backed Web3 gaming studio, is shutting down.
- The company announced on Aug. 4 that it will cease operations.
- It raised a $33 million seed round in 2023 led by a16z and Greenoaks.
- Pirate Nation, its flagship fully on-chain RPG, will have its code, artwork, and tools open-sourced.
- The PIRATE token will continue under the independent Pirate Nation Foundation.
- PIRATE token dropped nearly 14% in 24 hours after the announcement.
- Mobile title Shiba Story Go was acquired by an undisclosed third party.
- The closure reflects broader challenges in blockchain gaming.
Entities
Institutions
- Proof of Play
- Andreessen Horowitz (a16z)
- Greenoaks
- Pirate Nation Foundation
- NFT Plazas