Crypto: GameFi collapses, 2000 projects have gone bankrupt

The speculative crypto fever around GameFi suddenly subsides, leaving behind a devastated landscape dotted with abandoned projects. A recent study reveals that between 2018 and 2023, no less than 75.5% of GameFi initiatives went bankrupt. Of the 2,817 games released, 2,127 did not survive more than a year.

The mirage of easy fortune

Attracted by 2017 success stories like CryptoKitties and the promises of quick profits thanks to “play-to-earn”, thousands of crypto developers rushed headlong into the GameFi adventure.

A thoughtless rush that led to unsustainable oversaturation of the crypto market. In 2018 alone, no less than 422 new projects saw the light of day, only to sink into the limbo of oblivion to the tune of 72.7%.

If the year 2021, driven by the general euphoria of the crypto market, limited the slaughter with “only” 45.9% of failures, 2022 will remain like a real way of the cross for GameFi investors. With no less than 742 stillborn projects, the failure rate literally exploded to 107.1%, a historic record as reported Coingecko.

2022, the dark year of crypto GameFi

With 2000 projects swallowed up in five years, or 3 out of 4 initiatives, it is clear that the GameFi mirage dissipated as quickly as it appeared. Certainly, the mortality rate seems to have stabilized around 70% since the start of the year.

But it is difficult in these conditions to envisage a bright crypto future for the survivors, condemned to fight in an ultra-competitive environment.

In conclusion, it appears that the naive enthusiasm of the years 2018-2022 gives way in 2023 to a form of realism, even disillusionment. It remains to be seen whether investors will be able to learn the lessons of this painful episode and will now take a more critical look at the wonderful promises of certain GameFi projects. The time for excessive ambitions seems well and truly over. Enter the era of consolidation while Wall Street prepares for the great upheaval!