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Blockchain game Genome reveals it is facing closure due to market changes, and the team is seeking options to continue operating.
ChainCatcher News: The blockchain gaming platform Genome announced that, due to changes in market sentiment, the decline of the InfoFi sector, and shifts in external conditions, the project is facing closure, and the team is evaluating whether it can continue moving forward.
According to the announcement, over the past 8-10 months, Genome raised approximately $600,000 through NFT sales and public fundraising. Meanwhile, core team members personally contributed about $500,000. In addition, some members chose to delay salary payments in exchange for token allocations, bringing total funding commitments to approximately $950,000 to $1,000,000.
During this period, the team completed the development of multiple core products and infrastructure, including the Splice platform. However, the project could not be sustained due to changes to the X API. The announcement detailed the team composition and monthly costs, covering engineering roles such as front-end, back-end, smart contracts, and machine learning, as well as functional roles including product, operations, and design.
Operational costs include cloud infrastructure, development tools, third-party APIs, and more. The funds were initially held in exchange wallets and later used for development, infrastructure, and operating expenses. The team said it is exploring potential financing, acquisitions, or partnerships, but there are currently no confirmed outcomes, and the project has not issued tokens.