According to a recent study by the cryptocurrency information platform CoinGecko, out of 2,817 blockchain games launched between 2018 and 2023, only 690 still have a certain level of active player base.
The number of blockchain games launched in 2021 was the highest, reaching 738, but the following year, due to the collapse of major cryptocurrencies, the number of gradually failing games surged to 742. The CoinGecko report indicates that this has led to an average annual failure rate of around 80.8% for Web3 games since 2018.
CoinGecko defines “failed” Web3 games as those where the 14-day moving average of active users has dropped by 99% or more from its peak. The platform points out that years with lower failure rates often coincide with late bull markets, while years with higher failure rates tend to occur at the beginning of bear market cycles.
The number of failed games in 2022 was the highest, but the trend slowed down by 2023. As of November 27th, there were only 507 failed blockchain game projects. CoinGecko states, “The lower failure rate may indicate a more stable situation for Web3 games.”
CryptoKitties was one of the first Web3 games hyped at the end of 2017, but its adoption has gradually declined since then. Additionally, early Web3 games such as “Decentraland,” “The Sandbox,” and “Axie Infinity” continue to be widely used.
Source:
CoinGecko.