Web3 Gaming Failure Rate as High as 70%? How to Break the Curse?
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Web3 Gaming Failure Rate as High as 70%? How to Break the Curse?
From the beginning of 2023 until now, 509 games have failed.
Navigating Web3 tides with focused insightsSource: BeInCrypto
Compiled by: Blockchain Knight
According to a recent study, the majority of Web3 games launched this year have failed.
The research shows that out of 2,817 Web3 games launched between 2018 and 2023, 2,127 (75.5%) were unsuccessful.
According to CoinGecko's latest report, the average annual failure rate for Web3 games from 2018 to 2023 reached as high as 80.8%, highlighting the challenges faced by these blockchain-based games.
Furthermore, the report notes that following CryptoKitties' success in 2017, 422 games were launched in 2018—307 of which ultimately failed.
Meanwhile, the report acknowledges the bear market of 2019–2020, explaining that it indeed slowed GameFi development, resulting in a failure rate as high as 94.3% in 2019.
The crypto market boom in 2021 fueled interest in Web3 gaming. During the 2021 bull run, the failure rate for Web3 games was relatively low at 45.9%.
However, 2022 saw a downturn, with game failures reaching a record 742, yielding a failure rate of 107.1%.
Although the year isn't over yet, from the beginning of 2023 up to now, 509 games have already failed. According to Footprint Analytics, the current failure rate has slightly stabilized at 70.7%.
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