Statistics say that 3 out of 4 GameFi industry projects fail.

About 2,127 web3 games have failed in the last five years since the GameFi niche was introduced, representing 75.5% of the 2,817 web3 games launched. In other words, 3 out of every 4 web3 games became inactive.

From 2018 to 2023, the average failure rate for web3 games was 80.8%.

After the success of CryptoKitties in late 2017, play-to-earn (P2E) games became a popular cryptocurrency narrative. As a result, 422 web3 games were launched in 2018, but 307 failed in the same year.

In addition, the development of the GameFi niche has slowed down amid the bear market from 2019 to 2020. Only 244 web3 games were launched in those two years. At the same time, the failure rate of web3 games increased to 94.3% in 2019 and remained at 94.2% in 2020.

2021 saw the lowest rate of development failure in web3 games at 45.9% against the backdrop of cryptocurrency growth. This was despite the number of failed web3 games increasing to 339 in 2021, surpassing 2018.

Record failures of GameFi projects in 2022.
In 2022, the annual number of defective web3 games more than doubled to an annual record of 742.

From 2023 to today, 509 web3 games have failed, equivalent to 70.7% of web3 games launched that year.

The lower failure rate of GameFi projects may indicate a stabilization of the state of web3 games in the coming years.

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