NFT MMORPG Ragnarok Meta Reports Over $1 Million In Losses Due To Crypto Crash

ragnarok meta nft mmorpg key art

Blockchain metaverse MMORPG Ragnarok Meta, not to be confused with the classic MMORPG of the same name, has reported huge losses even before the game has fully launched. According to its project head, Fanfaron, the game has suffered losses amounting to $1.83 million worth of Ethereum (ETH) after selling its position multiple times as cryptocurrency prices continued to drop all summer.

The reported losses roughly amounts to the total funding that the studio received from seed investors. Fanfaron, however, says that he will be repaying the trading losses out of his own pockets by not taking compensation for the next four months which is roughly equal to $200K. The studio’s co-founder will also be pitching in by returning $250K of his compensation.

Ragnarok Meta is a self-described “true metaRPG” that comes with the usual accoutrement of features you’d expect from a traditional non-blockchain MMORPG such as questing, leveling-up, killing mobs, and looting. As a blockchain game, it also features NFT in-game avatars called Ronin, craftable NFTs, and the ability to purchase, sell, and trade in-game real estate.

A playable browser-based demo is now available if you want to check it out but you’ll be required to link your crypto wallet to the game before starting out. Although, with the huge amount of money the game has already lost, it’s probably not a good idea to do that right now.

Gaming Reveal: Ragnarok - 0xFanfaron | Avalanche Summit 2022