Blockchain game Genome announces it faces closure due to market changes; the team is seeking options to continue operating.

ChainCatcher News, the blockchain gaming platform Genome announced that due to market sentiment shifts, the decline of the InfoFi sector, and external condition changes, the project is facing closure, and the team is evaluating whether it can continue to move forward.

The announcement disclosed that over the past 8-10 months, Genome raised approximately $600k through NFT sales and public fundraising, while core team members personally invested about $500k. Additionally, some members chose to delay salary payments in exchange for token allocations, with total investments amounting to about $950,000 to $1M.

During this period, the team completed the development of several core products and infrastructure, including the Splice platform, but the project became unsustainable due to changes in the X API. The announcement detailed the team composition and monthly costs, covering roles in frontend, backend, smart contracts, machine learning, as well as product, operations, and design functions.

Operational costs include cloud infrastructure, development tools, third-party APIs, and more. The raised funds were initially stored in exchange wallets and later used for development, infrastructure, and operational expenses. The team stated that they are exploring financing, acquisition, or partnership opportunities, but no definitive results have been reached yet, and the project has not issued tokens.