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70% of Web3 Games Failed in 2023

A recent study by CoinGecko has shed light on the harsh reality facing Web3 games, revealing that a substantial 70% of games launched in 2023 have faced failure.

Chart: CoinGecko

The broader analysis covers the period from 2018 to 2023, where out of 2,817 Web3 games launched, a staggering 2,127, equivalent to 75.5%, have not found success.

The report delves into the challenges faced by blockchain-based games, highlighting an average annual failure rate of 80.8% over the examined period.

Notably, in the aftermath of CryptoKitties’ success in 2017, 422 games were launched in 2018, but a substantial 307 met with failure.

The study acknowledges the influence of market conditions, noting a 94.3% failure rate in 2019 due to the bear market.

Despite a surge of interest in the crypto market in 2021, resulting in a low failure rate of 45.9% for Web3 gaming, 2022 witnessed a downturn with a record 742 game failures, constituting a 107.1% failure rate.

In the current year, 2023, the trend persists with 509 games facing failure so far. However, the failure rate has somewhat stabilised at 70.7%.

It’s crucial to note that this data is based on Footprint Analytics, providing insights into the ongoing challenges within the Web3 gaming ecosystem.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.