BasEx | CoinGecko Reports on 75% Closure of GameFi Projects
CoinGecko Reports 75% of GameFi Projects Closed
30.11.2023
CoinGecko Reports 75% of GameFi Projects Closed

According to a recent CoinGecko report, out of 2817 GameFi projects launched since their inception five years ago, about 2127 have failed, which is approximately 75.5%. This means that three out of every four Web3 games become inactive.

CryptoKitties, launched at the end of 2017, contributed to the popularization of P2E games among the crypto community. In 2018, 422 Web3 games were launched, of which 307 failed.

During the bear market of 2019–2020, interest in and development of GameFi slowed down. Only 244 projects were released during these years, with over 94% of startups closing.

In 2021, against the backdrop of a bull market, the failure rate of Web3 games dropped to 45%. However, in 2022 the number of unsuccessful GameFi projects exceeded the number launched - 742 against 693.

Since the beginning of 2023, 509 games have already failed, which is 70.7%. Some researchers believe that the decrease in failure rates may indicate stabilization in the gaming sector.

In July, Google announced plans to integrate the ability to host GameFi projects in its app store for Android devices.

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