December 7, 2023

CoinGecko Study Finds 70% of Web3 Games Unsuccessful in 2023

A recent study conducted by CoinGecko has revealed that a significant majority of Web3 games launched this year have faced failure.

The study's findings indicate that out of a total of 2,817 Web3 games introduced between 2018 and 2023, a substantial 2,127, equivalent to 75.5%, did not achieve success.

CoinGecko's report unveils an average annual failure rate of 80.8% for the period spanning 2018 to 2023, shedding light on the persistent challenges encountered by these blockchain-based games. Despite presenting compelling statistics, the report does not delve into the specific reasons behind the high failure rate.

The report traces the trajectory of Web3 gaming, noting that following the success of CryptoKitties in 2017, 422 games were launched in 2018, but 307 of them experienced failure.

Acknowledging the impact of the 2019-2020 bear market, the report explains that GameFi faced a substantial setback during this period, with a 94.3% failure rate in 2019. Conversely, the surge in interest in the crypto market in 2021 sparked a renewed enthusiasm for Web3 gaming, resulting in a low failure rate of 45.9% during the 2021 crypto bull run.

However, 2022 witnessed a downturn, with a record-breaking 742 game failures, reflecting a staggering 107.1% failure rate. As of the current year, 2023, 509 games have already faced failure. Nevertheless, the failure rate has somewhat stabilized at 70.7%, based on data from Footprint Analytics, although the year is not yet concluded.

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