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

More than three-quarters of all blockchain games launched in the last 5 years are dead in the water, according to a recent study from CoinGecko.Out of 2,817 video games released between 2018 and 2023, which were consisted of in the research study, just 690 of them still have a somewhat active player base. CoinGecko defines a “failed” Web3 video game as one where the 14-day moving typical number of active users drops 99% or more from its peak.More than 75% of Web3 video games have stopped working over the last five years. Source: CoinGeckoWhile 2021 saw the highest variety of blockchain games launched in a single year with 738 games, the list below year– spoiled by major crypto collapses, saw the highest number of video games to die, with 742 failing in a single year.This puts the typical failure rate of Web3 games at around 80% for any given year considering that 2018, according to CoinGecko. CoinGecko noted that years of lower failure tended to coincide with the back of booming market, while higher failure years came towards the start of bear market cycles. Related: Free-to-play Web3 games hold the secret to mass adoption– YGG co-founderCryptoKitties was one of the very first Web3 games that gathered buzz in late 2017, but its adoption has considering that fizzled out. Decentraland, The Sandbox and Axie Infinity are amongst other Web3 games that have actually released in the earlier years and are still widely used today.Per current data, Alien Worlds, Splinterlands and Planet IX had the 3 greatest average distinct active wallets used between Jan. 1 and Apr. 22, 2023, according to CoinGecko.While 2022 had the greatest number of stopped working games, 2023 has actually slowed the trend, with only 507 failed jobs as of Nov. 27.” The lower failure rate might perhaps show a stabilization in the state of web3 video gaming,” CoinGecko said.Magazine: 65% plunge in Web3 Games in 23 but genuine hits coming, $26M NFL Rivals NFT: Web3 Gamer