Genome Faces Closure Amid Market Shifts and External Challenges

Genome, a blockchain gaming platform, has announced its potential closure due to changing market sentiment, the decline of the InfoFi sector, and shifting external conditions. According to ChainCatcher, the team is currently assessing whether they can continue operations. Over the past 8-10 months, Genome raised approximately $600,000 through NFT sales and public fundraising, with core team members personally investing around $500,000. Some team members opted to delay their salaries in exchange for token allocations, bringing the total investment to about $950,000-$1,000,000. During this period, the team developed several key products and infrastructure, including the Splice platform. However, changes to the X API have hindered the project's sustainability. The announcement detailed the team's composition and monthly costs, covering engineering roles such as front-end, back-end, smart contracts, and machine learning, as well as product, operations, and design functions. Operational expenses include cloud infrastructure, development tools, and third-party APIs. Initially, the raised funds were stored in exchange wallets and later used for development, infrastructure, and operational expenses. The team is exploring possibilities for financing, acquisition, or partnerships, but no definitive outcomes have been reached yet. The project has not issued any tokens.