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CoinGecko’s study reveals a high failure rate in the Web3 gaming sector, with 75% of games launched in the past five years becoming inactive.
A recent CoinGecko study has disclosed that a staggering 2,127 Web3 games, or 75.5% of the total 2,817 launched, have failed in the last five years. This alarming statistic is further accentuated by an average annual failure rate of 80.8% from 2018 to 2023, underscoring the concerning stability of these gaming ventures.
2021 had a lower failure rate of 45.9%, which can be attributed to the bull market. However, the number of failed Web3 games rose to 339, surpassing the figures of 2018. The market’s decline continued throughout 2022, which saw the failure numbers more than double, hitting a record annual high of 742 failed games, pushing the failure rate to an unprecedented 107.1%.
As of 2023, 509 Web3 games have failed, accounting for 70.7% of the games launched this year. This decrease in the failure rate might hint at a potential stabilization in the Web3 gaming landscape. The overall blockchain gaming industry still saw increased investments in 2023, and the number of daily unique active wallets also increased in the third quarter. It shows that despite a record number of games failing, investors and users are still optimistic about the sector’s potential.
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