The world of blockchain games has seen its fair share of ups and downs. The latest data from the Big Blockchain Game List reveals that more than 30% of announced blockchain games in 2023 have either been discontinued or canceled. This brings us to question the sustainability and viability of this emerging industry.
As of January 2024, the list encompasses a total of 911 blockchain games. Out of these, 334 are currently live and 577 are still in development. Looking back, since the inception of the list in 2021, a total of 1,318 games have been listed. Alarmingly, 31% of these games (equivalent to 407 titles) have fallen into the category of discontinued or abandoned projects.
Delving deeper into the reasons for game discontinuations, it becomes apparent that funding challenges and adverse market conditions arising from the crypto winter have played a significant role. However, it is worth noting that many projects have opted for radio silence, ceasing their operations without any formal announcements. This lack of transparency raises concerns about the reliability of the blockchain gaming industry as a whole.
In the second half of 2023, 17% of the 162 discontinued games were labeled as multichain, indicating a growing trend of games integrating with two or more blockchains. This showcases the industry’s attempt to explore new possibilities and avenues for innovation. However, when analyzing discontinued games based on single-blockchain integration, Binance Coin (BNB) and Polygon emerge as the leaders, accounting for 11% and 10% respectively. Ethereum, Sui, and Solana also made notable contributions, representing 6% each.
There has been a notable shift in blockchain game discontinuations compared to the first half of 2023. Polygon, a popular blockchain, has surpassed Ethereum in the proportion of discontinued titles. This shift can be attributed partly to the increased number of discontinuations from projects like Sui. It is interesting to note that even with its substantial funding, the high-profile game “Goals” decided to discontinue its integration with blockchain technology, raising questions about the industry’s long-term sustainability.
In the final quarter of 2023, the Big List welcomed 65 new blockchain games. Among these, 11% embraced the multichain approach, indicating a continued trend of games integrating with multiple blockchains. In terms of games deploying on a single chain, significant growth was observed in Arbitrum, with 9% of the new additions. Optimism, Immutable, Ethereum, StarkNet, and Avalanche closely followed with 8% and 6% respectively. These emerging chains provide opportunities for developers to explore different ecosystems and experiment with distinct features.
According to a survey conducted by the Blockchain Game Alliance, 19.8% of respondents from blockchain game companies expressed the belief that the entry of traditional game studios into the domain of web3 gaming would have the most positive impact in 2024. This suggests that established game developers bring substantial resources and expertise, potentially accelerating the growth and development of blockchain games.
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 remains a staunch believer in blockchain games and expressed optimism in an interview with GamesBeat. He envisions a robust year ahead in 2024, filled with new opportunities and advancements in the industry.
The blockchain gaming industry has experienced a significant number of game discontinuations, raising concerns about its stability and long-term viability. Funding challenges, adverse market conditions, and a lack of transparency have contributed to this trend. However, the emergence of multichain integration and the entry of traditional game studios provide hope for a brighter future. As Yat Siu suggests, 2024 could be a transformative year for the blockchain gaming industry, paving the way for innovation, growth, and continued evolution.
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