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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 message: The gaming platform Genome has announced that, due to changes in market sentiment, the downturn 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 discloses that over the past 8-10 months, Genome raised approximately $600,000 through NFT sales and public fundraising, while core team members personally invested approximately $500,000. In addition, some members chose to defer salary payments in exchange for token allocations, bringing total invested funds to approximately $950,000-$1.0 million.
During this period, the team completed development of multiple core products and infrastructure, including the Splice platform, but the project could not be sustained due to changes to the X API. The announcement details 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.
Operating costs include cloud infrastructure, development tools, third-party APIs, and more. The funds raised were initially held in an exchange wallet, and were then used for development, infrastructure, and operating expenditures. The team said it is exploring possibilities for financing, acquisition, or partnerships, but there are currently no confirmed outcomes. The project has not issued any tokens.