The chain game of the last cycle is ushering in a collective death

Author: TechFlow

While the Meme Lauchpads, the sons of versions, are in full swing, some projects are becoming version outcasts.

For example, the chain game projects that were smash hits in the last cycle have recently ushered in a wave of outages.

On May 16, Nyan Heroes, the once star game project of the Solana ecosystem, announced that it was officially suspended due to a "lack of funds". Developer 9 Lives Interactive released a statement on the X platform, admitting that "it is not possible to get more money to complete the game".

In just one day, the NYAN token fell by as much as 37.2%, and then FDV fell to just around 5M, evaporating nearly 99% from its all-time high.

The Walking Dead: Empires: IP Halo is also not good to be

developed by Ember Entertainment and published by Gala Games, based on the famous American TV series The Walking Dead A survival MMORPG created by IP, integrated into the NFT ownership mechanism.

Although the specific financing amount of the project has not been disclosed, relying on Gala Games' financial support and IP advantages, it has been open for testing for more than a year, attracting fans to build bases and participate in battles. However, in May 2025, Gala Games announced that it would terminate the project on July 31 due to "comprehensive considerations".

The Mystery Societ: A Mystery Societ,

created

by the former Disney and Club Penguin team, focuses on Web3 social reasoning gameplay, and received a $3 million seed round in September 2024, led by Shima Capital. The project has been well received for its community-driven and innovative mechanics, attracting active players to participate in early testing. However, on February 25, 2025, developer Great Big Beautiful Tomorrow announced a suspension of development due to "industry challenges and lack of funding".

We have also made a table summarizing the above chain games that have announced that they will cease operations or stop development.

It can be seen that these games basically raised a decent amount of money in the last cycle, and invariably used the mechanism of combining NFT and token assets with the in-game mechanics for consumption.

Well-known VCs are investing in a lot of money, but it is still difficult to accept the reality of failure.

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