This Surprise Altcoin Has Decided to Shut Down Due to "Insufficient Fundraising!"

The multiplayer free game Nyan Heroes, developed on the Solana blockchain, is officially shutting down as announced by the developer studio 9 Lives Interactive. The studio cited the inability to secure the necessary funding for the game's completion.

Recently, Nyan Heroes, which completed its fourth game test via the Epic Games Store, also hosted the largest "play-to-earn" airdrop event conducted on the Solana blockchain. The full version of the game is planned to be released next winter.

This Overwatch-style PC game launched its first pre-alpha test in March 2024, reaching a total of over one million players during four testing periods. On the Epic Games Store and Steam, more than 250,000 players have added the game to their wishlist.

However, the development team stated that they were unable to find the necessary capital to complete the project despite this success and negotiations with publishers, new investment searches, grants, and acquisition attempts. In a statement made via the social media platform X, formerly known as Twitter, it was stated, "This was not the result we hoped for. The gaming industry is currently going through a difficult period, and unfortunately, Nyan Heroes has to close its doors."

Max Fu, the CEO of 9 Lives Interactive, stated in an email that there is still hope for the future of the game, but that they do not expect a concrete solution in the short term. Fu said, "We have had a few difficult months. We are currently in discussions for the transfer of the studio and/or intellectual property. However, it may take time for a decision to be finalized."

Among the blockchain components of the game were the NYAN token located on Solana and the Cat NFTs minted in 2021. These NFTs were released long before the game became playable. On the other hand, the use of these elements was not mandatory for playing the game.

Following the news of the game's closure, the NYAN token took a major hit in the market. The token's value dropped by approximately 40% during the day, and its market capitalization fell below 1 million dollars.