Web3 game development studio Uncharted announced June 15 that it will cease all operations and permanently shut down its flagship blockchain game, Fishing Frenzy. The game’s servers are scheduled to go offline on June 25 at 2 a.m. UTC, following the team’s conclusion that it could not establish a sustainable product-market-business fit for the project.
Financial and Operational Impact
The game, which operated on the Ronin network, generated over $1 million in revenue and reached peak metrics of 9 million installs and 25,000 daily active users after its initial rollout. According to a statement released by the company, the team spent the past year testing various product directions and audiences but determined the results did not provide a viable path forward for the business.
Asset Distribution and Player Refunds
Immediate economic changes have been implemented ahead of the final server shutdown. Purchases of USDC packages have been disabled, and the in-game token, FISH, has been converted to a spend-only asset that is no longer tradable on external markets.
Uncharted has initiated a wind-down plan to return remaining capital to its community based on player “Karma scores,” using a snapshot recorded on June 15. The distribution details include:
- The redistribution of $62,845 in USDC from the FISH/USDC liquidity pool to community members and stakers.
- An automatic refund of $7,021 in USDC for all in-game spending since the Chapter 3 launch on May 14, excluding expenditures on the diving mechanic.
- The transition of Proof of Distribution rewards to Sky Mavis, which will distribute the remaining assets directly to players proportional to their recorded Karma scores.
Uncharted has open-sourced its player Karma score dataset, publishing the historical snapshots to a public GitHub repository. According to the studio, this data has been made accessible to allow external web3 gaming teams and ecosystem partners the opportunity to utilize the metrics or issue alternative rewards to the existing player base.
Expanding List of 2026 Web3 Gaming Closures
The closure of Fishing Frenzy adds to a growing list of high-profile web3 gaming shutdowns and blockchain feature abandonments observed throughout 2026. Industry data from DappRadar indicates sluggish activity and low trading volumes for native gaming tokens over the past 12 months compared to other blockchain sectors like Real-World Assets (RWAs).
According to a Blockchain Gaming Alliance report, 32.6% of surveyed gaming developers cited cash shortages as their primary operational challenge. Earlier this year, other prominent titles on the Ronin Network faced similar financial strains, including strategy game Pixiland, which canceled its token launch to pivot to a web2 model on January 15, and the MMORPG Forgotten Runiverse, which went offline indefinitely on January 27.
Listen to our latest episode
This article is published on BitPinas: Fishing Frenzy Shuts Down Despite 9 Million Installs and $1 Million Revenue
What else is happening in Crypto Philippines and beyond?
