Ragnarok: Monster WorldProject · Collapse Archive

NFT Tower Defense Game

The project will shut down due to financial difficulties and conflicts with Ronin Network

Peak Market Cap$15MPeak Value

Crash Duration10 monthsCrash Duration

Collapse Timeline

Live API Sync

The game is now available.Q1 2022Ragnarok: Monster World, a blockchain-based game built on a renowned classic IP, has been launched.

Peak player countQ2 2022Leveraging the iconic Ragnarok IP to attract a large number of players, the token price reached its peak.

The collapse of the P2E modelthe second half of 2022The overall P2E model is facing a crisis as players withdraw, causing token prices to drop sharply.

Project decline2023The token economy has collapsed, leaving virtually no gamers left.

January 2024rise

Ragnarok: Monster World is now officially available.

Leveraging the Legend of Zelda IP, the project introduces an NFT tower defense gameplay mode where players collect and combine monsters to engage in strategic battles, receiving an enthusiastic response from the market from the very beginning.

June 2024peak

Both user base size and token value have reached their peak levels.

The number of active gamers has surged significantly, driving robust trading activity for Ragmon NFTs. The token’s price even reached record highs at one point, suggesting that the ecosystem appears prosperous and stable.

November 2024crisis

The disruption in the funding chain has triggered an operational crisis.

The project team has revealed severe financial difficulties, struggling to cover server and development expenses, while also facing significant disagreements with the Ronin network.

March 2025collapse

The official team announced the complete shutdown of the project.

Unable to resolve funding issues and partnership conflicts, the project team ultimately announced the suspension of operations, leaving players’ assets unrecoverable and resulting in the complete failure of the project.

On-chain evidence

2023-10-01 October 2023

No significant on-chain evidenceNo significant abnormalities

No clear signs of security attacks or abnormal fund transfers were found in the on-chain data related to the shutdown of Ragnarok: Monster World.

Asset losses

Project StatusNo longer in operationThe project ceased operations due to various factors.

User notificationLimitedInsufficient notice was provided prior to the shutdown.

Not disclosedTotal Loss

Losses incurred by RMW token holders~$10M66.7%

Losses for game NFT holders~$5M33.3%

The shutdown of Ragnarok: Monster World has put users' assets at risk, with the exact scale of losses difficult to determine due to incomplete information.

It has a limited impact on the surrounding ecosystem.：The shutdown of Ragnarok: Monster World has had a limited yet noticeable impact on its surrounding ecosystem and similar projects, serving as a reminder for investors to pay close attention to operational risks associated with such initiatives.

A reversal in community sentiment

June 2024A period of prosperity driven by IP innovationPlayers are eager to see the integration of the Ragnarok IP with tower defense gameplay, driving strong market enthusiasm and steady increases in asset prices.

January 2025The looming threat of a broken capital chainRumors of financial strain and conflicts with the Ronin network have led the community to question the project’s sustainability.

March 2025Panic triggered by the shutdown announcementThe official authorities officially announced the shutdown due to financial difficulties, causing asset prices to crash instantly and prompting players to engage in panic-selling.

June 2025A silence that follows accepting reality.The project has completely ceased operations, with community discussions shifting toward summarizing lessons learned, as emotions gradually calm down and return to a rational state.

Emotional sentiment distribution

Warning and condemnation 55%Stay neutral and observe the market developments. 30%Defense support 15%

October 2022 RagnarokFan (Classic game enthusiasts)：Even with the backing of a renowned IP, GameFi still fails to deliver—since the P2E model is inherently a nightmare for sustainability, and Ragnarok is no exception.

Legal proceedings

No progress has been made.

Not available yet.July 2023

There are no publicly available records of any legal developments.

There are currently no publicly available records of legal lawsuits, regulatory penalties, or law enforcement actions directly related to this project. · Not available yet. · Not available yet. · No progress has been made.

There are currently no publicly available records of any legal proceedings regarding Ragnarok: Monster World.

Lessons learned

1Financial sustainability is of paramount importance.

Web3 projects that lack a sustainable revenue model and sufficient reserves are highly vulnerable to cash flow disruptions during market fluctuations, which can lead to operational shutdowns. 重点：Cash reserves determine survival or failure.

2Ecosystem collaboration requires a solid consensus.

Relying on a single public blockchain or partner can lead to the project’s inability to survive if there are conflicts over profit distribution or technical approaches between the two parties. 重点：A collaborative consensus is absolutely essential.

3IP licensing dependencies pose potential risks.

Projects that rely excessively on external IP licenses are at severe risk of losing their core content and user base should the licensing party change its policies or end the partnership. 重点：Be cautious of IP licensing risks.