The Majority of Web3 Games Launched This Year Have Failed
A recent study has revealed that a significant number of Web3 games launched in the past few years have not succeeded. Out of 2,817 games launched from 2018 to 2023, 2,127, or 75.5%, have failed to gain traction.
Web3 Games Face Challenges
A report from CoinGecko highlights the challenges faced by blockchain-based games. The average annual failure rate for these games stands at a significant 80.8% from 2018 to 2023. This indicates the difficulties in achieving success in the Web3 gaming industry.
The report also notes that after the success of CryptoKitties in 2017, there was a surge in game launches in 2018 with 422 new games. However, out of those, 307 failed to gain traction.
The bear market in 2019 and 2020 also affected the GameFi sector, resulting in a high failure rate of 94.3%.
The Failure Rate Has Been Ongoing For Some Time
In 2021, during the crypto bull run, Web3 gaming experienced a relatively low failure rate of 45.9%. However, this trend reversed in 2022 with a record-breaking 742 game failures and a failure rate of 107.1%.
Although the year 2023 is not yet over, there have been 509 game failures so far. However, the failure rate has somewhat stabilized at 70.7%. It’s important to note that this study is based on data from Footprint Analytics.
Hot Take: Web3 Games Struggle to Succeed
The recent study reveals a concerning trend in the Web3 gaming industry, with a majority of games failing to achieve success. Despite the surge of interest in crypto and Web3 gaming, the failure rate remains high, indicating significant challenges faced by developers in this space. It is crucial for stakeholders in the industry to address these challenges and find innovative solutions to improve the success rate of Web3 games in the future.
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