Crypto-backed Untamed Isles fails to redeem Kickstarter backers after game is canceled

In a perfect world, the Untamed Isles were a wonderful taming of monsters MMORPGs It would fully integrate cryptocurrency into the gaming world. However, there are many nuances in video games, and it becomes even more complicated when there are NFTs.

This has put the developers out of business and, to make matters worse, they simply don’t have the money to pay back those who backed the Kickstarter campaign.

Crypto game developers Untamed Isles say they lost their investment funding due to a crypto crash and can’t afford to end their game 🧐

Introducing cryptocurrencies in video games was the latest fad as it was “Play to Win” Recently, the model has been very popularized. The method differs from the way games used to be traditional, as players can now view virtual worlds as a means of investment rather than mere enjoyment.

However, there is no shortage of controversy over the proposed plans, with many believing that video games shouldn’t have too many complications. Implementing such things can be expensive, and the developers of Untamed Isles learned that the hard way.

Untamed Isles adds another failed cryptocurrency video game to unpopular list

The scope of Untamed Isles was broad, and the developers at Phat Loot Studios were open about their goals with those who supported them. Starter. There is supposed to be a coding system for in-game assets associated with Direwolf.

Players would also have access to a vast open world full of exciting adventures. There will be an element for the “play to win” model, where players will have the opportunity to play with friends and participate in PvP struggle. Things weren’t looking too bad as the studio attracted over $500 million in funding and development.

However, the volatility of cryptocurrencies poses a huge risk and can put an end to developers’ dreams. To make matters worse, they don’t have the funds to reimburse investors and lenders, as all the money has been spent on development costs.

Writing on Steam, the developers explained how it happened sequentially, which led to its downfall. They seem to have failed to predict how much development will cost, and recent changes in the economic and political climate haven’t helped matters at all.

“The truth is that the development cost is high and there have been many obstacles in our path so far. Since we started the journey in 2020, the economic landscape has changed dramatically in general and specifically for cryptocurrencies, and we are not confident in the current market. We are running out of resources. We cannot continue to develop at the moment.

The developers once again reiterated that even though NFTIt’s part of the game, and Untamed Isles would have been a great game without it.

“Unlike many projects that have failed in a storm, we actually have a great game design that can stand on its own two feet. »

Phat Loot also refers to some external factors that caused negative publicity. However, this is not the main cause of the financial difficulties, which have more to do with the recent cryptocurrency crash than anything else.

“Everything was going very well. Then the crypto crash happened and we lost that funding very, very quickly. Investors pulled back as they watched the market crash – and to be fair, they are right to do so as these are volatile times in the global economy. »

While investors control their investments, Kickstarter proponents haven’t been so lucky. Ideally, it could have been refunded, but as mentioned before, the developers ran out of money. It left a tangy taste in the mouths of many fans who supported the development of the Wild Islands.

By the way, Untamed Isles isn’t quite dead, as the studio is looking for ways to save the game and bring it to market. However, the future looks rather bleak and would serve as yet another example for supporters to walk miles away from a project that includes NFTs.

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Crypto-backed Untamed Isles fails to redeem Kickstarter backers after game is canceled

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