The studio behind an NFT game went bankrupt after losing almost a million dollars in cryptocurrencies

Pixie Interactive, the authors of the Northern Guilds titled Play-to-Earn, has filed for bankruptcy.

The influx of NFTs and blockchain technology It has generated some controversy regarding its usefulness in the video game industry, what is clear is that, after a seemingly promising start, projects that implement these elements are not having a good time, especially after the collapse of cryptocurrencies.

The company’s debt is $800,000.We now know of a new case that impacted the industry and showed what was going on. As Martijn van Wezel reports, Pixie Interactive studio files for bankruptcy The Northern Guilds Play-to-Earn game did not work as expected after their project, but mostly due to the depreciation of the assets they invested in.

The Dutch company has invested thousands of dollars in LUNA, one of the cryptocurrencies that crashed recently, and the result was that. approximately $800,000 in damagethousands of dollars in debt they can’t afford, and employees accusing the founders of spending company tax money on crypto investments.

Pixie Interactive employees they lost their jobs although some team members are working to salvage the Northern Guilds’ IP and assets, which in principle will no longer receive support, it’s only a week after the company told them their plight.

This isn’t the first time we’ve heard of such cases where studios have had to stop their development. cryptocurrency surge they base their projects on it. After the recent widespread crash, our colleague Alberto Pastor shared a reflection in an opinion column where he talked about this depreciation and evaluated whether we are really facing elements that could contribute something useful to the world of video games.