More than three-quarters of all blockchain games launched in the past five years have died. according to A recent study by CoinGecko.
The study included 2,817 games launched between 2018 and 2023, of which only 690 still have an active player base.
CoinGecko defines a “failed” Web3 game as one whose 14-day moving average number of active users has dropped 99% or more from its peak.
While 2021 saw the highest number of blockchain games launched, with 738 games, the following year saw the highest number of failed games, with 742 games failing due to a major cryptocurrency crash.
Since 2018, the average failure rate for Web3 games has been around 80% in any given year, according to CoinGecko.
CoinGecko notes that years with lower failure rates tend to coincide with bull market resurgences, while years with higher failure rates coincide with the onset of bear market cycles.
related: Free Web3 games are key to mass adoption – YGG Co-Founder
CryptoKitties was one of the first Web3 games to receive hype in late 2017, but its adoption has since failed. Web3 games such as Decentraland, The Sandbox, and Axie Infinity were launched in the early years and are still widely used today.
According to the latest data, between January 1 and April 22, 2023, “Alien Worlds”, “Splinterlands” and “Planet IX” ranked in the top three in terms of average independent active wallet usage. according to Go to CoinGecko.
While 2022 had the highest number of failed games, the trend has slowed down in 2023, with only 507 failed projects as of November 27.
“The lower failure rate may indicate that the state of web3 games is stabilizing,” CoinGecko said.
Magazine: Web3 Games plunged 65% in 2023, but the “real hit” is coming, NFL Rivals NFT worth $26 million: Web3 Gamer
Svlook
