More than three-quarters of all blockchain games launched in the last five years are dead in the water, according to a recent study from CoinGecko.
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The “failed” blockchain games are defined as those where the 14-day moving average number of active users drops 99% or more from its peak. Of 2,817 games launched between 2018 and 2023, only 690 still retain a somewhat active player base.
This puts the average failure rate of Web3 games at around 80% for any given year since 2018, according to CoinGecko.
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A recent report from blockchain gaming accelerator Game7 also indicates a significant decrease in the development of new Web3 games, with just 223 Web3 games launched in 2023, a 65% drop from the 640 games started in 2022 and even further below the 811 games that started in 2021.
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But ‘real hits’ are anticipated in the coming months, including the debut of long-awaited Illuvium games, among other big titles.
Developers are now focusing more on crafting standout hits, and it is anticipated that the most successful Web3 games in 2024 will move away from the play-to-earn model, adopting a free-to-play approach to attract a broader player base.
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Industry experts in the Web3 gaming sector are optimistic about the year 2024, noting a substantial influx of investment into Web3 games.
Sony and Microsoft, two of the biggest general gaming industry players, have been making significant moves toward blockchain technology, potentially paving the way for its mainstream adoption.
Sony has filed a patent for a blockchain-based system that would allow players to transfer digital assets across various PlayStation games, enabling unified progress and asset ownership. Meanwhile, leaked documents from Microsoft suggest it plans to add crypto wallets to Xbox.
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