Storybook Brawl NFT game to shut down amid exposure to FTX

The FTX exchange filed for bankruptcy in November last year, triggering a contagion across the entire crypto sector. It appears that the effects of FTX’s bankruptcy are still being felt. The Storybook Brawl non-fungible token (NFT) game has announced that it will shut down as the development team struggles to continue operations after FTX’s collapse.

Storybook Brawl NFT game shuts down

The NFT gaming sector was not spared from the far-reaching effects of the collapse of one of the largest crypto exchanges, FTX. According to a Twitter announcement, Storybook Brawl is an action-packed Web3 game that is now closing its operations.

The team announced it would shut down its operations on May 1, 2023, which has left fans and players disappointed at the development. The developer of Storybook Brawl is Good Luck Games, a company that was acquired by FTX last year, and it has now been affected by the financial woes facing the exchange.

The collapse of the FTX exchange has had significant effects across the Web3 industry as the platform had heavily invested in many areas. The closure of this game has been met with disbelief as it was among the renowned projects in the industry. It was also known as the favorite NFT card-battling game of the former FTX CEO, Sam Bankman-Fried.

The association of this game with Bankman-Fried might have contributed to its dropping fan base. In February 2022, the game had an average player count of 817, but this has since dropped by 59% to 331 average players over the past month.

The closure of this game has dealt a major blow to the NFT gaming community because it was among the games with a dedicated fanbase. The players in the game collected unique NFT cards that were used to battle against other players. Players in the game also built their decks using different strategies.

FTX’s bankruptcy affects the Web3 space

The bankruptcy of the FTX exchange has triggered significant consequences across the Web3 sector. It appears as if the ripple effect from the collapse is still being felt. The effect of the financial troubles facing the NFT gaming industry is just one of the examples of how the blockchain ecosystem has become interconnected.

Following the closure, the developers of Storybook Brawl have assured players that they will be refunded all the purchases made over the last six months. The developers have also thanked the community for their support over the years.

The shutdown of this NFT game serves as a reminder of the risks linked with Web3 platforms creating their projects on a centralized platform. NFT games are becoming increasingly popular, and it is important to have reliable platforms that offer security and stability to the players and developers.

Nevertheless, the NFT gaming sector continues to grow significantly, and it could be headed for long-term success as more projects and players venture into the space to access the unique offerings.