Over 75% of Web3 games ‘failed’ in last five years: CoinGecko

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More than three-quarters of all blockchain games launched in the last five years are useless in the water, according to a latest examine from CoinGecko.

Out of 2,817 games launched between 2018 and 2023, which have been included in the examine, solely 690 of them nonetheless have a considerably energetic participant base.

CoinGecko defines a “failed” Web3 sport as one the place the 14-day transferring common quantity of energetic customers drops 99% or extra from its peak.

More than 75% of Web3 games have failed over the last five years. Source: CoinGecko

While 2021 noticed the best quantity of blockchain games launched in a single yr with 738 games, the next yr — marred by major crypto collapses, noticed the best quantity of games to fizzle out, with 742 failing in a single yr.

This places the typical failure fee of Web3 games at round 80% for any given yr since 2018, in response to CoinGecko.

CoinGecko famous that years of decrease failure tended to coincide with the again of bull markets, whereas larger failure years got here towards the beginning of bear market cycles.

Related: Free-to-play Web3 games hold the key to mass adoption — YGG co-founder

CryptoKitties was one of the primary Web3 games that gathered hype in late 2017, however its adoption has since fizzled out. Decentraland, The Sandbox and Axie Infinity are amongst different Web3 games which have launched in the sooner years and are nonetheless extensively used immediately.

Per latest information, Alien Worlds, Splinterlands and Planet IX had the three highest common distinctive energetic wallets used between Jan. 1 and Apr. 22, 2023, according to CoinGecko.

While 2022 had the best quantity of failed games, 2023 has slowed the trend, with solely 507 failed tasks as of Nov. 27.

“The lower failure rate could perhaps indicate a stabilization in the state of web3 gaming,” CoinGecko stated.

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