You are currently viewing The studio behind the NFT game is going bankrupt after losing nearly $1 million in cryptocurrencies.  – Chatborgne

The studio behind the NFT game is going bankrupt after losing nearly $1 million in cryptocurrencies. – Chatborgne

Pixie Interactive, maker of “Play-to-Earn” title Northern Guilds, has filed for bankruptcy.

The studio behind the NFT game is going bankrupt after losing nearly $1 million in cryptocurrencies.

While the influx of NFTs and blockchain technology in the video game industry has caused some debate about its usefulness, what is clear is that after a start that seemed promising, projects that implement these elements are not going through a good period, especially after the collapse of cryptocurrencies.

The company has a debt of $800,000.We are now aware of a new case which affects the sector and which illustrates well what is happening. As reported by Martijn van Wezel, The Pixie Interactive studio has gone bankrupt. after their project with the Northern Guilds Play-to-Earn game didn’t go as planned, but mostly due to the loss of value of the assets they had invested in.

The Dutch company has invested thousands of dollars in LUNA, one of the cryptocurrencies that crashed recently, which resulted. losses of approximately $800,000with thousands of dollars in debt they can’t pay and employees accusing the founders of spending the company’s tax money on crypto investments.

Pixie Interactive Employees lost their job just a week after the company announced the situation it found itself in, although some team members are working to salvage the intellectual property and assets of Northern Guilds, which is not expected to receive further support.

This isn’t the first time we’ve heard of such cases, as studios had to halt development due to the impact of the outbreak. fluctuation of cryptocurrencies on which they base their projects. After the last widespread collapse, our colleague Alberto Pastor shared a reflection in an opinion column in which he talks about this loss of value and assesses whether we are really facing elements that could bring something useful to the world of video games.