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Game over? š®
Once-hyped crypto games like Nyan Heroes, Deadrop, and Ember Sword have closed up shop in recent monthsāhere's why studios are struggling to stay afloat.
Andrew Hayward
May 31, 2025
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š What you need to know
Bitcoin may have hit new highs recently, but crypto gaming is at a low.
Since the start of the year, weāve seen a growing pile of blockchain games shut down for good or go offline indefinitely, including once-promising projects like Deadrop and The Mystery Society and more recently Nyan Heroes and Ember Sword. Even an official Walking Dead crypto game is about to close up shop.
Gaming tokens have seen a steady decline of late, with just one currently found in the top 100 coins by market cap (up from zero in early April), and most of the shuttered studios have pointed to the same reason: theyāve run out of cash and canāt find investors eager to throw more money at crypto games in the current climate.
Following last yearās short-lived Telegram tap-to-earn gaming boom and the mainstream crossover success of Off the Grid, the sentiment around crypto gaming has been roughāmuch like after Axie Infinityās play-to-earn bubble popped in 2022. True believers who think crypto gamingās ascent is inevitable are eagerly looking for the next trend or narrative to give the industry a much-needed shot in the arm.
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