Proof of Play, a blockchain gaming studio with backing from a16z, has officially closed its doors. The company cited difficulties in creating a sustainable business model and delivering a market-ready product as key reasons for its shutdown. In a move towards transparency, the studio will release its source code, graphics, including assets from its game Pirate Nation, and smart contracts as open-source. Additionally, the rights to its NFT collection, Founder Pirates, will be transferred to a CC0 license. The independent Pirate Nation Foundation is set to take over the management of the PIRATE token, although players’ accumulated points within Proof of Play will not be redeemable.