When Meme Launchpads are in full swing, some projects are becoming abandoned versions.
For example, chain game projects that were once popular in the last cycle are now experiencing a wave of shutdowns.
On May 16, Nyan Heroes, a former star game project in the Solana ecosystem, announced an official shutdown due to "funding shortage". The developer, 9 Lives Interactive, released a statement on X platform, frankly admitting that they "cannot obtain more funds to complete the game".
Within just one day, the NYAN token dropped by as much as 37.2%, and its FDV subsequently plummeted to around 5M, nearly 99% evaporated from its historical peak.
How lonely the low point is, how glorious the peak was.
Recalling that the game once attracted 1 million test players, with 250,000 Steam wishlists; now its market value might not even match an on-chain meme.
However, Nyan Heroes' downfall is not an isolated case. Recently, multiple chain game projects have consecutively announced shutdowns or development pauses, with previous funding ranging from hundreds of thousands to millions of dollars, yet without exception heading towards termination.
The cyclical nature of the crypto industry is vividly demonstrated in chain games. Riding high on financing, asset-first then product, against the wind gradually lying flat or even zeroing out...
Some community comments jokingly say the decline of chain games is a "natural selection".
A Portrait of Rise and Fall
Coincidentally, in 2025, multiple chain game projects like Blast Royale, The Walking Dead: Empires, and The Mystery Society consecutively announced shutdowns or development pauses.
These projects once attracted numerous eyes with high financing and P2E (Play-to-Earn) models, yet fell from their peak to a dim decline within just a few years.
Nyan Heroes: The Bubble Burst of Cat Hero Game
This was indeed a star project in the Solana ecosystem, raising a total of $13 million through a $250,000 seed round in November 2021, a $7.5 million Series A round (valued at $100 million) in May 2022, and a $3 million additional round in March 2024, leveraging a cat-themed hero shooter game concept.
The game test attracted 1 million players (official data), with 250,000 wishlists on Steam and Epic Games Store. The NYAN token launch in May 2024 further heightened market enthusiasm. However, on May 16, 2025, developer 9 Lives Interactive announced stopping development due to "inability to obtain more funding".
Blast Royale: Battle Royale's Quiet Exit
Blast Royale is a mobile battle royale game based on Polygon, focusing on 6-minute fast-paced battles and P2E mechanisms. In April 2022, the project raised $5 million through ICO, with investors including Dragonfly Capital and Mechanism Capital.
The game attracted early players with its lightweight gameplay but never achieved a large-scale breakthrough. In May 2025, developer First Light Games announced terminating development after an "internal review", planning to officially shut down on June 30.
The Walking Dead: Empires: IP Halo Doesn't Help
Developed by Ember Entertainment and published by Gala Games, this survival MMORPG is based on the famous TV series "The Walking Dead", incorporating Non-Fungible Token ownership mechanisms.
Although the specific funding amount was not disclosed, supported by Gala Games' funding and IP advantages, the open test lasted over a year, attracting fans to build bases and participate in battles. However, in May 2025, Gala Games announced terminating the project on July 31 after "comprehensive consideration".
The Mystery Society: Detective Game's Fleeting Moment
Created by former Disney and Club Penguin team, focusing on Web3 social detective gameplay, the project raised $3 million in seed funding in September 2024, led by Shima Capital. The project gained praise for community-driven and innovative mechanisms, attracting active players in early testing. However, on February 25, 2025, developer Great Big Beautiful Tomorrow announced pausing development due to "industry challenges and funding insufficiency".
(Translation continues in the same manner for the rest of the text)These games are centered on content, with storyline, art, and mechanics taking the majority, while financing serves as a supplementary rather than primary purpose. Web3 and traditional games are almost in opposition, with speculative genes permeating throughout:
Players are investors, and games are Ponzi schemes - completely incompatible with the patience and craftsmanship required for gaming. The track itself is not hopeless, but the "financing first, game second" model is a dead end.
The rise and fall of blockchain games is an inevitable result of misalignment between industry genes and user needs. Capital and concepts can generate short-term hype, but cannot sustain a truly viable game ecosystem in the long run.
As more games are proven false, the process of distinguishing truth from falsehood after the shutdown wave is actually worth anticipating.
