The gaming world woke up to shocking news on January 31, 2026: Intrepid Studios, the team behind long-in-development MMORPG Ashes of Creation, has laid off all its staff and appears to have shut down operations entirely. After raising over $3 million on Kickstarter back in 2017 and promising a revolutionary player-driven world, the studio’s collapse marks one of the most dramatic failures in recent crowdfunding history.
The announcement came through a Reddit post that quickly exploded with reactions from the gaming community. Long-time backers expressed a mix of shock, anger, and resignation after watching the project struggle through years of delays, pivots, and broken promises. What started as one of Kickstarter’s most successful gaming campaigns has ended with the entire team out of work and no clear path forward for the game.
The Rise and Fall of Intrepid Studios
Intrepid Studios launched in 2015 when Steven Sharif, a former entrepreneur with no game development experience, assembled a team of MMO veterans from studios like Sony Online Entertainment. Ashes of Creation promised a dynamic world where player actions would shape everything from city locations to global politics. The 2017 Kickstarter campaign shattered records, raising $3.27 million from excited backers dreaming of a true sandbox MMORPG.
Early on, the studio released Ashes of Creation: Apocalypse, a battle royale spin-off meant to test combat systems. While it generated some buzz, the core MMO remained stuck in pre-alpha. Development updates became less frequent, scope crept ever larger, and concerns mounted about the studio’s direction. Critics pointed out that Sharif’s lack of industry experience, combined with an inexperienced core team, struggled to deliver on the massive ambition.
Internal Chaos and Leadership Exodus
The final days played out like a corporate drama. Steven Sharif posted on Discord claiming the company’s Board of Directors made ethically questionable decisions, forcing him to resign in protest. Several senior leaders reportedly followed him out the door. What followed were WARN Act notices to all remaining employees, signaling mass layoffs across the board.
Community sleuths discovered California business filings revealing the Board consisted solely of Steven Sharif and his spouse. This revelation fueled accusations that Sharif had misled backers about the studio’s independent status and lack of external pressures. Former promises of no corporate overlords or investor demands rang hollow as the studio imploded from within.
Years of Red Flags Ignored
Looking back, warning signs littered Ashes of Creation’s decade-long development. The studio frequently pivoted between massive scope expansions and side projects, diluting focus on the core MMO. Alpha tests came with hefty price tags presented as discounts, raising eyebrows about monetization practices. Development milestones slipped year after year while crowdfunding packages continued selling steadily.
Jeffrey Bard, the lead designer with limited MMO experience, left in 2021. The studio cycled through multiple combat systems and art styles. Most damningly, despite raising millions, Intrepid seemed perpetually cash-strapped, relying on new backer money rather than hitting concrete milestones. The pattern echoed other troubled Kickstarters like Star Citizen, though on a smaller scale.
Player Impact and Financial Losses
For backers, the news means likely writing off significant investments. Many purchased expensive pledge packages promising land ownership, cosmetic items, and alpha access that may never materialize. Some held onto hope through years of delays, only to see their money vanish with the studio. Refunds appear unlikely given the time elapsed and funds already spent.
- Over $3.2 million raised on Kickstarter (2017)
- Thousands of individual pledges from $100 to $25,000+
- Multiple Summer Crowdfunding campaigns extending funding
- Steam alpha sales generating additional revenue
- No completed alpha despite 11 years of development
What Went Wrong?
Several factors contributed to Intrepid’s downfall:
| Issue | Details |
|---|---|
| Lack of Experience | Steven Sharif had zero game dev background; core team had limited MMO credits |
| Scope Creep | Dynamic world systems proved technically unfeasible at promised scale |
| Funding Model | Reliance on endless crowdfunding rather than milestone-based development |
| Leadership Issues | Board conflicts and mass executive exodus triggered collapse |
| Market Reality | Modern MMO landscape favors established publishers over ambitious indies |
The combination proved fatal. What began as genuine ambition became unsustainable as technical challenges mounted and the team struggled to deliver playable content.
Lessons for Crowdfunding Backers
Ashes of Creation’s failure reinforces hard lessons for the crowdfunding era:
- Experience matters more than promises
- Playable milestones > concept art and trailers
- Scope discipline prevents feature creep disasters
- Independent funding models need ruthless prioritization
- Board transparency builds (or destroys) trust
The community now debates whether any assets or code could be salvaged by another studio. Realistically, the proprietary tech and incomplete state make acquisition unlikely. A post-mortem Development Update scheduled for February 13 might clarify the IP’s fate, but expectations remain low.
FAQs
What happened to Intrepid Studios?
Intrepid Studios laid off all staff and effectively shut down on January 31, 2026. Steven Sharif resigned citing ethical concerns with Board decisions, followed by senior leadership exodus and mass WARN Act layoffs.
Will Ashes of Creation still release?
Highly unlikely. With the entire development team gone and 11 years producing only pre-alpha content, no viable path exists for completion without massive reinvestment.
Can backers get refunds?
Probably not. Kickstarter funds became Intrepid’s property nine years ago. Legal recourse faces statute of limitations and proving fraud requirements.
Was Steven Sharif qualified to lead development?
No. Sharif had no game development experience, coming from multi-level marketing. He assembled a team but lacked technical expertise to manage MMO complexity.
Why did development take 11 years?
Scope creep, inexperienced leadership, technical challenges with dynamic systems, and funding diversions into side projects prevented milestone progress.
What was the Board of Directors situation?
California filings show the Board consisted only of Steven Sharif and his spouse, contradicting claims of independent studio governance free from external pressures.
Could another studio acquire Ashes of Creation?
Theoretically possible but commercially dubious. Incomplete tech, uncertain assets, and tarnished reputation make it a high-risk proposition.
Conclusion
Intrepid Studios’ collapse closes a painful chapter for MMO dreamers and crowdfunding skeptics alike. Ashes of Creation captured lightning in a bottle with its 2017 Kickstarter, promising the dynamic world players craved. But ambition without execution, experience without delivery, and promises without playable results proved a fatal combination.
The gaming industry moves forward, but backers carry scars. Future crowdfunders must demand playable alphas over pretty trailers, experienced leadership over passion, and concrete milestones over roadmaps. Ashes of Creation won’t rise from these ashes, but its cautionary tale will shape how players approach the next big MMO dream.