- The ongoing uncertainties regarding cryptocurrency regulations in the U.S. have indefinitely halted the progress of MechaFightClub showing how regulatory climates can heavily influence emerging digital markets like NFTs and blockchain gaming
- Irreverent Labs, the creators of MechaFightClub, are looking to buffer the adverse effects of the sudden halt on their dedicated community by offering a generous buy-back program for Mechabot NFTs
- The temporary discontinuation of MechaFightClub has led to the withdrawal of MFC NFTs from public sale on Magic Eden
Unexpected regulatory changes concerning cryptocurrencies in the US have thrown a wrench in the works for MechaFightClub, an original NFT game brainchild of the creative team at Irreverent Labs. The uncertainties surrounding the regulatory climate have stalled the game’s development indefinitely.
The unique game, MechaFightClub (MFC), was situated on the Solana blockchain, with grand visions of immersing players in an exhilarating AI-driven arena of robotic chicken combat. The anticipation was to see metallic feathered combatants squaring off in the adrenaline-infused battle ring called the “Cocktagon.” According to spokesperson Sood, MFC was so integrally part of Irreverent Labs’ ethos that parting with the brand was unthinkable.
Addressing the predicament with the live service of the game, Irreverent Labs proclaimed that it had launched its latest model, SOL 4 Cocks. It includes an exclusive buy-back feature for any related NFT from the Genesis minting. The developers will repurchase customers’ mechabots for 18 SOL. However, Irreverent Labs also said they would need to stop the progress of MFC, indicating that it will discontinue its services.
Despite achieving the critical ‘alpha’ milestone, implying the game was playable, though perhaps lacking a few finishing touches, the suspension decision was a collective agreement within Irreverent Labs. Sood suggested the concept of MechaFightClub may resurface, possibly in a different avatar, though a firm resolution is yet to be made.
To soften the impact of the sudden announcement, Irreverent Labs extended an olive branch to its dedicated community. They vowed to buy back any Mechabot NFTs at an impressive 18 SOL apiece, roughly equivalent to $363. This unique initiative started on May 15 and lasted until June 29.
Interestingly, before this unforeseen twist, the NFTs were publicly traded on the Magic Eden platform at about 7.1 SOL, significantly lower than the proposed buy-back rate. However, following the recent shift in circumstances, the MFC NFTs have since been withdrawn from open sale on Magic Eden.
Another NFT Game Victim in the Ongoing Market Struggle
The shutdown comes in the wake of several other high-profile NFT projects, such as NFT Tech, CNN’s Vault, and Cyberium, facing a similar fate. Industry experts attribute these closures to the cooling hype around NFTs and metaverse assets, which have been affected by the broader market downturn.
Despite the recent setbacks, some proponents of NFT gaming argue that it’s too early to predict the industry’s demise. They point towards successful projects like OpenSea, which raised $4.7 million in February 2021 and remains a leader in the space. As the NFT gaming landscape continues to evolve, it remains to be seen whether upcoming projects can withstand market volatility and maintain profitability over time.