According to CoinMeta, Proof, of, and Play announced on August 4th that they would cease operations due to their inability to transform their blockchain gaming vision into a scalable and sustainable business model. The studio stated that they were unable to develop products or business models that could validate their Web3 gaming theories. The company did not disclose the final closure date, the number of affected employees, or their remaining financial situation, nor did they reveal the buyer of the mobile game Shiba Story Go or the terms of the acquisition. This closure follows earlier efforts to protect their flagship blockchain game Pirate Nation. The seed round financing for Proof, of, and Play was led by a16z and Greenoaks, raising $33 million in September 2023. The studio focused most of its funds and development efforts on Pirate Nation, which is a fully blockchain-based role-playing game. Although the company stated that they were unable to establish a sustainable business model, their token ecosystem still exists.