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 released an announcement stating that, due to changes in market sentiment, the decline of the InfoFi track, and shifts in external conditions, the project is facing closure, and the team is evaluating whether it can continue moving forward.

The announcement disclosed that, over the past 8-10 months, Genome raised approximately $600,000 through NFT sales and public fundraising. During the same period, core team members personally contributed approximately $500,000. In addition, some members chose to defer their salary in exchange for token allocation, bringing the total funding amount to approximately $950,000 to $1,000,000.

The team completed the development of multiple core products and supporting infrastructure during this time, including the Splice platform. However, the project could not be sustained due to changes to the X API. The announcement also detailed the team structure and monthly costs, covering engineering roles such as frontend, backend, smart contracts, and machine learning, as well as functions including product, operations, and design.

Operational expenses include cloud infrastructure, development tools, third-party APIs, and more. The funds raised were initially held in exchange wallets, and were later used for development, infrastructure, and operational expenditures. The team said it is exploring possibilities for financing, acquisition, or partnerships, but there are currently no definite outcomes. The project has not issued tokens.