ChronoForge, a web3 gaming studio previously known as PxQuest, has announced it will shut down by December 30. The studio cited an inability to secure additional funding or find an acquirer as the primary reasons for the closure. Like many other studios that have closed this year, ChronoForge faced significant financial challenges that ultimately made continuing operations unsustainable.
The team revealed that personal funds from the founders had been used to keep the studio running since July, while the workforce was reduced by roughly 80 percent due to budget constraints. Despite continued development efforts, the game did not generate enough revenue to cover operational costs. The studio also highlighted difficulties stemming from the broader web3 gaming environment, including negative market sentiment and the loss of codevelopment partners.
Development Hurdles and Game Status
ChronoForge reached an Early Access stage, but the game remained incomplete. The studio collaborated with codevelopers from Tantalus Media and Ammobox Studios, and the original team consisted of around 50 members. The ambitious goal of developing an MMORPG exceeded the financial resources available, leaving the project unfinished. While some studios in the web3 space have found ways to gradually monetize early builds and expand their games over time, ChronoForge was unable to implement this model effectively.
The studio’s closure is part of a recurring pattern in crypto gaming, where incomplete games and insufficient revenue generation lead to financial difficulties. Many projects in this space have faced similar outcomes, showing the challenges of aligning a large-scale vision with available funding and market conditions.
Funding Through NFTs and Strategic Rounds
ChronoForge raised capital through multiple NFT collections and a strategic token-based funding round. Over its lifespan, the studio released more than six NFT collections, some limited and some variable in supply. The first NFT mint occurred in January 2022, back when the project was called PxQuest. This collection included 5,000 NFTs priced at 0.125 ETH each, raising an estimated $2 million at the time. A December 2023 drop, the Support Airship collection, generated around $600,000, while a March 2025 Totem NFT collection raised approximately $300,000 with 3,630 of 5,000 NFTs minted.
In addition to NFT sales, ChronoForge raised $3 million in a 2024 strategic token round. This round involved crypto industry figures such as Alex Becker, FaZe Banks, EllioTrades, and Ivan on Tech. In total, the studio is estimated to have raised between $7 million and $8 million through NFTs and private funding. Despite these efforts, the financial resources were insufficient to fully realize the studio’s vision.
Lessons from ChronoForge’s Closure
ChronoForge’s shutdown underscores ongoing challenges in web3 gaming. Many studios pursue ambitious projects without establishing sustainable revenue streams, making them vulnerable to market shifts and funding shortfalls. While some smaller teams have successfully adopted a “crypto-indie studio” approach - gradually releasing early builds and expanding over time - ChronoForge’s larger-scale project highlighted the risks of overextending resources.
The closure also reflects broader industry trends, showing that ambitious web3 games often struggle when they rely heavily on NFT and token sales rather than consistent revenue from gameplay. For players and developers, the situation serves as a reminder that financial planning and scalable development strategies are critical to long-term survival in the crypto gaming space.
Source: Gaming Chronicles
Frequently Asked Questions (FAQs)
Why is ChronoForge shutting down?
ChronoForge is closing due to a lack of funding and the inability to secure an acquirer. The studio could not sustain operations with its revenue streams and personal funding from the founders.
How much money did ChronoForge raise?
The studio raised an estimated $7–8 million through NFT collections and a strategic token round, including contributions from crypto industry figures.
Was ChronoForge’s game ever released?
ChronoForge reached Early Access, but the game remained incomplete and was not generating sufficient revenue.
What were some of ChronoForge’s NFT collections?
Notable collections include the original PxQuest mint in January 2022, the Support Airship collection in December 2023, and the Totem NFT collection in March 2025.
Does this reflect broader issues in web3 gaming?
Yes, ChronoForge’s closure is part of a wider trend where ambitious web3 projects struggle to align development costs with revenue, often resulting in incomplete games and studio shutdowns.
Could the game have been saved?
Without additional funding, a sustainable revenue model, or a different development approach, ChronoForge’s project faced significant structural challenges that made continuation unlikely.
