Over 30% of Blockchain Games Launched in 2023 Reported as Dead

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Blockchain Gaming Market Set to Skyrocket to $614 Billion by 2030

More than 30% of blockchain games announced in 2023 have been reported as discontinued or canceled, as per the data provided by the Big Blockchain Game List.

As of January 2024, the list encompasses 911 games, with 334 currently live and 577 still in development.

Blockchain Games Face High Discontinuation Rate

Out of the cumulative 1,318 blockchain games ever listed since the initiative’s launch in 2021, a significant 31%- equivalent to 407 games – now are categorized as discontinued or abandoned. This classification denotes official announcements of project cancellations or a prolonged period of inactivity.

Among the officially discontinued games, the most commonly cited reasons were attributed to funding challenges and market conditions arising from the crypto winter. Many discontinued projects opted for radio silence, ceasing operations without formal announcements.

In H2 of 2023, 17% of the 162 discontinued games were labeled as multichain, reflecting the growing trend of games integrating with two or more blockchains. When analyzing discontinued games based on single blockchains, BNB and Polygon emerged as the frontrunners, accounting for 11% and 10%, respectively. Ethereum, Sui, and Solana made notable contributions, representing 6%.

A notable shift occurred compared to the H1 2023 update, where Polygon surpassed Ethereum regarding the proportion of discontinued titles. While BNB maintained its status as the blockchain with the most games falling off, Polygon witnessed a surge, attributed partly to the increased number of discontinued games from projects like Sui, surpassing Wemix in discontinuations.

One standout case was the high-profile game “Goals,” which secured $15 million in a seed round in 2022 and an additional $40 million in 2023. Despite its substantial funding, Goals discontinued its integration with blockchain technology.

Emergence of New Blockchain Games

In Q4 2023, the Big List welcomed 65 new blockchain games. Among these, 11% embraced the multichain approach, signifying a continued trend of games integrating with multiple blockchains. In terms of games deploying on a single chain, the most significant growth was observed in Arbitrum (9%), closely followed by Optimism, Immutable, and Ethereum (8% each), as well as StarkNet and Avalanche (6% each).

In a survey conducted by the Blockchain Game Alliance with 526 participants from blockchain game companies, a notable 19.8% of respondents expressed the belief that the entry of traditional game studios into the domain of web3 gaming will have the most positive impact in 2024.

Yat Siu, the executive chairman of Animoca Brands, views the current period as a “cleanup year” for the blockchain gaming industry. Despite the challenges faced in 2023, Siu, who remains a staunch believer in blockchain games, expressed optimism in an interview with GamesBeat, saying that he envisions a robust year ahead in 2024.

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The post Over 30% of Blockchain Games Launched in 2023 Reported as Dead first appeared on Investorempires.com.

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