Crypto Crash Makes Pokémon-like MMORPG Untamed Isles "Go Into Hiatus"
The team behind the Kickstarted MMORPG announced that the game has been put on hold after the crypto crash impacted investors.
It is currently unknown when or if the game will be released with the studio stating that Untamed Isles is on hiatus until and unless "the crypto situation is resolved."
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The Phat Loot team explained that currently, it no longer has funds to cover the costs of the development. One of the reasons for that, as Phat Loot CEO Joshua Grant claims, was continuously increasing scope and costs.
According to Grant, weekly wages for the 70-person team working on Untamed Isles were around NZD 100,000 ($62,590) a week – so the money raised through the Kickstarter covered about two months' worth of wages for the team. Grant admitted that the amount of funding needed for the development of such an ambitious project was "massively underestimated."
Apart from that, as the announcement states, the studio "leaned into the crypto market and expanded rapidly off the back of the positive interest", however, due to the crypto market crash the developer "ended up heavily exposed with too short of a runway."
Following the announcement, a number of backers asked for refunds being disappointed with the fact that the team invested crowdfunds into crypto and lost them which led to the situation when the team is out of money to continue development.
On August 17, Phat Loot, however, released a follow-up announcement claiming that it didn't invest any funds received for the game's development including the money raised through crowdfunding and through traditional investment into crypto.
"We had several investors pull out recently due to concerns about both the economic market along with the crypto market at the moment which made it very clear we could not reach early access," the team wrote. "If they had not pulled out, we were pushing to make the early access date we announced. This all happened after announcing our early access release date."
It is currently unknown when or if the game will be released with the studio stating that Untamed Isles is on hiatus until and unless "the crypto situation is resolved."
Don't forget to join our Reddit page and our Telegram channel, follow us on Instagram and Twitter, where we are sharing breakdowns, the latest news, awesome artworks, and more.
