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70% of Web3 Games Failed in 2023, According to CoinGecko

1 min
Updated by Geraint Price
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In Brief

  • A recent CoinGecko study reveals a staggering 75.5% failure rate among 2,817 web3 games launched from 2018 to 2023.
  • The average annual failure rate of 80.8% underscores the significant challenges faced by these blockchain-based games.
  • CoinGecko's analysis sheds light on GameFi, urging strategies for sustainable growth in the gaming landscape.
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The majority of Web3 games launched this year have failed, according to a recent study.

The study reveals that out of 2,817 Web3 games launched from 2018 to 2023, 2,127, or 75.5%, have not succeeded.

Web3 Games Face Challenges

According to a recent report from CoinGecko, the average annual failure rate stands at a significant 80.8% from 2018 to 2023. The report highlights the challenges faced by these blockchain-based games.

However, no reason as to why the failure rate is so high was mentioned.

How GameFi is going. Source: CoinGecko
How GameFi is going. Source: CoinGecko

Furthermore, it notes that after CryptoKitties’ success in 2017, 422 games launched in 2018. However, of those, 307 failed.

Meanwhile, the report did acknowledge the 2019-2020 bear market, explaining that it did slow down GameFi, with a 94.3% failure rate in 2019.

Learn more: The Future of Digital Asset Management and Decentralized Gaming Economies

The Failure Rate Ongoing for Some Time

Meanwhile, a surge of interest in the crypto market in 2021 led to more interest in Web3 gaming.

During the 2021 crypto bull run, Web3 gaming recorded a low failure rate at 45.9%.

However, 2022 saw a downturn with a record 742 game failures, a 107.1% failure rate.

While not at the end of the year just yet, so far in 2023, 509 games failed. However, the rate somewhat stabilized at 70.7%. It was noted that the study is based on Footprint Analytics data.

Learn more: Blockchain Gaming: The Keys to the Metaverse Castle

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.