UPDATE: Since yesterday - quitting UEFN and starting again resolves for me. Not ideal, but workable.
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The error/warning messages that appear just before this happens are captured at the end of this message.
I have the same issue. It was not working yesterday, then today it was working, but about 2 hours ago stopped working again.
I have tried Launching with a template map and get the same issue, so it is not the map content.
Error image attached
LogNet: Warning: UNetConnection::Tick: Connection TIMED OUT. Closing connection.. Elapsed: 30.01, Real: 30.01, Good: 30.01, DriverTime: 4627.91, Threshold: 30.00, [UNetConnection] RemoteAddr: ******, Name: IpConnection_2, Driver: Name:IpNetDriver_2 Def:BeaconNetDriver IpNetDriver_2, IsServer: NO, PC: NULL, Owner: ValkyrieBeaconClient_2, UniqueId: MCP:b74c5a11eb914176b9ca50b2269e181d
LogNet: Error: UEngine::BroadcastNetworkFailure: FailureType = ConnectionTimeout, ErrorString = UNetConnection::Tick: Connection TIMED OUT. Closing connection.. Elapsed: 30.01, Real: 30.01, Good: 30.01, DriverTime: 4627.91, Threshold: 30.00, [UNetConnection] RemoteAddr: ******, Name: IpConnection_2, Driver: Name:IpNetDriver_2 Def:BeaconNetDriver IpNetDriver_2, IsServer: NO, PC: NULL, Owner: ValkyrieBeaconClient_2, UniqueId: MCP:b74c5a11eb914176b9ca50b2269e181d, Driver = Name:IpNetDriver_2 Def:BeaconNetDriver IpNetDriver_2
LogBeacon: Verbose: NetworkFailure ValkyrieBeaconClient_2: ConnectionTimeout
LogValkyrieBeacon: [3e0c] (ValkyrieBeaconClient_2) AValkyrieBeaconClient::OnFailure - We have registered a failure in the Valkyrie beacon.
LogBeacon: Verbose: Client beacon (ValkyrieBeaconClient_2) connection failure, handling connection timeout.
LogBeacon: OnlineBeacon ValkyrieBeaconClient_2 requesting net driver destruction: Name:IpNetDriver_2 Def:BeaconNetDriver IpNetDriver_2
LogNet: SetPendingDestruction: 1 on Name:IpNetDriver_2 Def:BeaconNetDriver IpNetDriver_2)
LogValkyrieRequestManagerEditor: Warning: Encountered Network Error!
LogValkyrieRequestManagerEditor: Executing Step ClearFoundConnectInfo
LogValkyrieRequestManagerEditor: Error: Failed to handle connection attempt (Network error occurred when connecting to a server after matchmaking completed. Error: UNetConnection::Tick: Connection TIMED OUT. Closing connection.. Elapsed: 30.01, Real: 30.01, Good: 30.01, DriverTime: 4627.91, Threshold: 30.00, [UNetConnection] RemoteAddr: ********* Name: IpConnection_2, Driver: Name:IpNetDriver_2 Def:BeaconNetDriver IpNetDriver_2, IsServer: NO, PC: NULL, Owner: ValkyrieBeaconClient_2, UniqueId: MCP:b74c5a11eb914176b9ca50b2269e181d)
LogNet: NetworkFailure: ConnectionTimeout, Error: ‘UNetConnection::Tick: Connection TIMED OUT. Closing connection.. Elapsed: 30.01, Real: 30.01, Good: 30.01, DriverTime: 4627.91, Threshold: 30.00, [UNetConnection] RemoteAddr: ******, Name: IpConnection_2, Driver: Name:IpNetDriver_2 Def:BeaconNetDriver IpNetDriver_2, IsServer: NO, PC: NULL, Owner: ValkyrieBeaconClient_2, UniqueId: MCP:b74c5a11eb914176b9ca50b2269e181d’
LogNet: UNetConnection::Close: [UNetConnection] RemoteAddr: ******, Name: IpConnection_2, Driver: Name:IpNetDriver_2 Def:BeaconNetDriver IpNetDriver_2, IsServer: NO, PC: NULL, Owner: ValkyrieBeaconClient_2, UniqueId: MCP:b74c5a11eb914176b9ca50b2269e181d, Channels: 5, Time: 2025.06.21-13.18.10, TimeSinceTickDispatch: 0.000319, TimeSinceRecv: 30.015154, TimeSinceTickFlush: 0.000190, TimeSinceSend: 0.183486
LogNet: UNetConnection::SendCloseReason: