The majority of Web3 games launched this year have failed, according to a recent study.
The study reveals that out of 2,817 web3 games launched from 2018 to 2023, 2,127—75.5%—have not succeeded.
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.
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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.
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