Phat Loop Studios Denies Misuse of Funds After Pausing Untamed Isles' Development
With more and more people accusing the devs of misusing investors' funds, Phat Loop Studios finally clarified the reasons for putting the Untamed Isles project on hold.
Why did Phat Loop Studios put a stop to Untamed Isles' development?
On August 12th, Phat Loop Studios announced that it could no longer develop blockchain MMORPG Untamed Isles due to financial constraints. The shocking news didn't sit well with the community, with many accusing the devs of spending backers' funds to bet on crypto markets.
Seeing that, the company quickly issued an official statement on August 17th to address such matters. According to Phat Loop Studios, it has not invested any funds into crypto. All funds raised ($525,000) were used to develop Untamed Isles.
However, the game development was halted as the company ran out of available funds. Phat Loop Studios said several investors pulled out in view of the economic and crypto market downturns. Initially planned for an early release in October, the project has now been put on hold as the firm cannot keep up with financial demands.
The company also said it is harder to launch its blockchain title, given the poor sentiments around Web3 games at the moment. As the firm's cash reserves are empty, it can't refund its early investors as well. What Phat Loop can do now is to salvage both the core studio and the game so that they can complete the Untamed Isles game and release it with other titles in due course.
What is the game Untamed Isles about?
To begin with, Untamed Isles is a "Pokemon-like" blockchain MMORPG built by Phat Loop Studios. The project raised more than NZD 841,000 or USD 525,000 on Kickstarter in 2021. At launch, the open world will supposedly allow players to explore and capture more than 1.5 million monsters to tame in the game.
Ironically, Phat Loop described Untamed Isles as a "Game first, Crypto second" project, meaning players can play it as a standard MMORPG without doing anything crypto-related. As the game is not supposed to rely too much on crypto, many questioned the legitimacy of using the crypto market crash as an excuse for the project's failure. Phat Loop Studios may have more explaining to do. But for now, it looks like the fate of Untamed Isles has been sealed shut.