CoinGecko reports that 75% of GameFi projects have closed

Since GameFi emerged five years ago, around 2127 of 2817 projects in this space have failed, roughly 75.5%. This is according to a CoinGecko report.

“In other words, three out of four Web3-games have become inactive,” analysts said.

After the success of CryptoKitties in late 2017, P2E games gained popularity in the crypto community. As a result, in 2018, 422 Web3 games were launched, of which 307 failed.

Development and interest in GameFi slowed during the bear years 2019–2020. During this period, only 244 projects were released, and the share of closed startups exceeded 94%.

In 2021, amid a bull market, the lowest rate of Web3-game abandonments was recorded at 45%. In 2022, the number of abandoned GameFi projects exceeded those launched—742 vs 693, respectively.

Since the start of 2023, 509 games have already failed, equivalent to 70.7%. Researchers say the lower failure rate may indicate stabilization in the gaming direction.

In July, the tech giant Google announced its intention to integrate an option to host GameFi projects in the Android app store.

In May, the gaming Web3 platform Intella announced the launch of a $10 million grant program in partnership with South Korean publisher Neowiz.