Over 75% of Web3 games ‘failed’ in last five years: CoinGecko
More than three-quarters of blockchain games launched in the last five years are dead in the water, according to a recent study by CoinGecko.
Of the 2,817 games included in the study that launched between 2018 and 2023, only 690 still have some level of active player base.
CoinGecko defines a Web3 game as “failed” if its 14-day moving average number of active users drops 99% or more.
In the year 2021 saw the highest number of blockchain games launched in a single year with 738 games, the next year – marred by major crypto collapses, saw the highest number of games launched, 742 collapsed in a single year.
This puts the average failure rate of Web3 games for the year since 2018 at around 80%, according to CoinGecko.
CoinGecko noted that years of low declines tended to coincide with the backs of bull markets, while high decline years occurred at the beginning of bear market cycles.
Related: Free-to-Play Web3 Games Hold the Key to Mass Adoption – YGG Co-Founder
Cryptokitties It was one of the first Web3 games to gain popularity in late 2017, but its adoption has since faltered. Decentraland, The Sandbox, and Axie Infinity are among the other Web3 games that launched in earlier years and are still widely used today.
In recent data, Alien Worlds, Splinterlands and Planet IX had the three highest average unique active wallets used between January 1 and April 22, 2023, CoinGecko reported.
In the year While 2022 had the highest number of failed games, 2023 trailed the tie, with only 507 failed projects as of November 27.
“The low drop rate probably indicates stability in the Web3 gaming scene,” CoinGecko said.
Magazine: Web3 Games Drop 65% in '23, But ‘Real Hits' Are Coming, $26M NFL Rivals NFT: Web3 Gamer
