70% Of Web3 Games Have Failed In 2023, Says CoinGecko
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The majority of Web3 games launched this year have failed, according to a recent study.
The study reveals a staggering reality: out of 2,817 web3 games launched from 2018 to 2023, 2,127—75.5%—have met their demise.
Web3 Games Face Challenges
According to a recent report from CoinGecko, the average annual failure rate stands at a significant 80.8% from 2018 to 2023. The report highlights the challenges faced by these blockchain-based games.
Furthermore, it notes that after CryptoKitties’ success in 2017, 422 games launched in 2018. However, of those, 307 failed.
Meanwhile, the report did acknowledge the 2019-2020 bear market, explaining that it did slow down GameFi, with a 94.3% failure rate in 2019.
Learn more: The Future of Digital Asset Management and Decentralized Gaming Economies
The Failure Rate Has Been Ongoing For Some Time
Meanwhile, a surge of interest in the crypto market in 2021 led to more interest in Web3 gaming.
During the 2021 crypto bull run, Web3 gaming recorded a low failure rate at 45.9%.
However, 2022 saw a downturn with a record 742 game failures, a 107.1% failure rate.
While not at the end of the year just yet, so far in 2023, 509 games failed. However, the rate somewhat stabilized at 70.7%. It was noted that the study is based on Footprint Analytics data.
Learn more: Blockchain Gaming: The Keys to the Metaverse Castle
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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