August, 2024

6 min read

Metakey August Update

Matty S
CEO

Hello Everyone!

It has been some time since our last Metakey Update, and there’s a lot to cover.

This quarter has been quite challenging for us as a company.

The crypto markets remain turbulent, the NFT industry is still facing significant limitations, and there is not enough funding available in the market for us to quickly secure a VC round. As a result, we have had to make some difficult decisions.

Hello Everyone!

It has been some time since our last Metakey Update, and there’s a lot to cover.

This quarter has been quite challenging for us as a company.

The crypto markets remain turbulent, the NFT industry is still facing significant limitations, and there is not enough funding available in the market for us to quickly secure a VC round. As a result, we have had to make some difficult decisions.

Staff Reduction

Metakey has decided to reduce the majority of staff in an effort to control costs and significantly improve operational expenses. This will have a large impact on the company and some of our internal projects.

The decision to make cutbacks was incredibly difficult as every team member was handpicked and a joy to work with. We genuinely hope for nothing but success ahead for them, and we’re truly grateful for their hard work. Metakey owes so much to them.

Moving forward, a small team will continue to service the client work we have been successfully executing to date, without the unsustainable peripheral running costs. More on this below.

Hiatus for New Ganymede

When we first conceived New Ganymede, 2 and a half years ago, it was with the projection that there would be a mid-large subset of traditional gamers that would adopt features of web3 while enjoying a high quality Action RPG.

This projection has not played out in the time frame that the web3 gaming space collectively anticipated.

Despite being well into development, significant investment would still be required for marketing campaigns, token exploration, ensuring security, running servers, applying patches, and further development.

We have now reached the decision to place the game on hiatus for the time being. 

We have gained invaluable insights and honed our expertise in game design and development over the course of production, expertise which we have and will continue to leverage across many other projects. There is potential for the game to be viable in the future, under the correct market conditions, and we will return to production if and when these conditions are met.

We have decided to refund all New Ganymede sales participants.

For all those who participated in our Danger Box (Lootbox) sale back in Aug 2023, you will be eligible for a full refund in USDC.

Please don't hesitate to create a support ticket in the Metakey Discord to begin the claim process. Be assured that your assets/game items will still be with you, and if we release New Ganymede, they will still be obtainable in the game.

So What Will Metakey Do?

Metakey has seen success over the past few years in building games and services for brands and clients (both web2 and web3), and for more “traditional” audience segments, with millions of plays to date.

Cutting back to prioritise this core will allow us to build solid sustainability. Our current and pending projects will give us room to slowly scale back up with a focus on this kind of work in the near future.



The traditional gaming market is enormous, with many opportunities that we have and will be pursuing. If web3 gaming experiences mass-adoption in the coming years, we will be well positioned to service that player base.

We will continue sharing updates, progress and teasers with the community as appropriate.

Staff Reduction

Metakey has decided to reduce the majority of staff in an effort to control costs and significantly improve operational expenses. This will have a large impact on the company and some of our internal projects.

The decision to make cutbacks was incredibly difficult as every team member was handpicked and a joy to work with. We genuinely hope for nothing but success ahead for them, and we’re truly grateful for their hard work. Metakey owes so much to them.

Moving forward, a small team will continue to service the client work we have been successfully executing to date, without the unsustainable peripheral running costs. More on this below.

Hiatus for New Ganymede

When we first conceived New Ganymede, 2 and a half years ago, it was with the projection that there would be a mid-large subset of traditional gamers that would adopt features of web3 while enjoying a high quality Action RPG.

This projection has not played out in the time frame that the web3 gaming space collectively anticipated.

Despite being well into development, significant investment would still be required for marketing campaigns, token exploration, ensuring security, running servers, applying patches, and further development.

We have now reached the decision to place the game on hiatus for the time being. 

We have gained invaluable insights and honed our expertise in game design and development over the course of production, expertise which we have and will continue to leverage across many other projects. There is potential for the game to be viable in the future, under the correct market conditions, and we will return to production if and when these conditions are met.

We have decided to refund all New Ganymede sales participants.

For all those who participated in our Danger Box (Lootbox) sale back in Aug 2023, you will be eligible for a full refund in USDC.

Please don't hesitate to create a support ticket in the Metakey Discord to begin the claim process. Be assured that your assets/game items will still be with you, and if we release New Ganymede, they will still be obtainable in the game.

So What Will Metakey Do?

Metakey has seen success over the past few years in building games and services for brands and clients (both web2 and web3), and for more “traditional” audience segments, with millions of plays to date.

Cutting back to prioritise this core will allow us to build solid sustainability. Our current and pending projects will give us room to slowly scale back up with a focus on this kind of work in the near future.



The traditional gaming market is enormous, with many opportunities that we have and will be pursuing. If web3 gaming experiences mass-adoption in the coming years, we will be well positioned to service that player base.

We will continue sharing updates, progress and teasers with the community as appropriate.

Grassroots Discord

The Metakey community was first conceived to share our passion and learnings in trading NFTs with a trusted group of fellow enthusiasts.

From a community perspective, we would like to return to our roots.

Through the Metakey Discord we will continue to:

  • Share our progress with Metakey projects;

  • Host giveaways;

  • Bring any integration/airdrop opportunities as they come by;

  • Engage in discussions about crypto/tech markets.

  • Partner with any projects that want to leverage/provide value to Metakey community

In summary:

Right now, sustainability is the top priority for Metakey.

Making these changes will ensure that we can be around for many more years without the need for immediate direct revenue and dependency on crypto markets.

  • Metakey has drastically reduced its running costs;

  • Metakey will prioritise revenue-driving game development using a lean and cost-effective approach;

  • The revenue from these endeavours will support and scale up our future Web2 and Web3 initiatives;

  • New Ganymede will be put on hold unless favourable market conditions are met;

  • Metakey's Discord will continue as-is;

We are grateful to everyone who has stood by us. We’d like to give special recognition to the Discord community, both the public, key holders and keymasters, for their candid thoughts, trust, and feedback. Your support has been instrumental in our journey, and we genuinely appreciate it.

Finally, Metakey is here to stay. 

I want to assure everyone, Metakey is not going anywhere.

The company might change directions, scale or pause ventures based on market conditions, but we are dedicated to enduring whatever challenges the market presents.

- Matty

Matty S
CEO

Matty is the Co-Founder and CEO of Metakey.

Join our newsletter to get insider info on our games, brand partnerships, industry updates, work opportunities & more!

Join our newsletter to get insider info on our games, brand partnerships, industry updates, work opportunities & more!

Opening Doors,

unlocking dreams

© Metakey. All rights reserved 2024

Opening Doors,

unlocking dreams

© Metakey. All rights reserved 2024

Opening Doors,

unlocking dreams

© Metakey. All rights reserved 2024