CoinGecko: Majority of web3 games launched in the past five years met with failure
CoinGecko’s recent study has unveiled a startling revelation: a whopping 2,127 Web3 games, equivalent to 75.5% of the total 2,817 launched, have met their demise in the past five years. This alarming figure is further exacerbated by an average yearly failure rate of 80.8% from 2018 to 2023, shedding light on the concerning fragility of these gaming endeavors.
Interestingly, 2021 experienced a relatively lower failure rate of 45.9%, which can be attributed to the bullish market conditions. However, the number of failed Web3 games escalated to 339, surpassing the figures of 2018. The market’s decline persisted throughout 2022, witnessing a more than twofold increase in failure numbers, reaching a record-breaking annual high of 742 failed games, catapulting the failure rate to an unprecedented 107.1%.
As we approach 2023, a total of 509 Web3 games have already met their untimely demise, accounting for 70.7% of the games launched this year. This decline in failure rate might indicate a potential stabilization in the Web3 gaming landscape. Despite the record-breaking number of failed games, the overall blockchain gaming industry continues to witness increased investments in 2023, and the number of daily unique active wallets has also seen a surge in the third quarter. This suggests that, despite the significant number of game failures, investors and users remain hopeful and optimistic about the sector’s potential.
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