BlockchainGamer: A third of blockchain-based games have been discontinued

Out of the 1,318 blockchain-based games that have been announced since 2021, 407 (31%) have either been officially discontinued or have effectively ceased development. This data was compiled by the service.

According to the findings of BlockchainGamer analysts, as of January 2024, there are currently 911 prominent blockchain titles, with 334 already launched and 577 still in development. Since 2021, a total of 1,318 blockchain games have been introduced.

The determination that 407 projects were terminated was based on either direct announcements from the developers or a lack of progress in their work for an extended period. The most common reasons for game discontinuation were adverse market conditions resulting from the crypto winter, insufficient funding, and lack of experience within the development team.

Out of the 162 games that ceased production in the second half of 2023, 17% were integrated with two or more blockchains. The BNB Chain accounted for the highest number of “collapsed games” at 11%, followed by Polygon and Ethereum, Sui, and Solana networks, each representing 10% and 6% of the total, respectively.

One of the notable blockchain games that discontinued production was Goals, which managed to raise $15 million in its initial investment round in 2022 and an additional $40 million in 2023. However, the company later announced its decision not to integrate blockchain technology.

In the fourth quarter of 2023, 65 new projects were included in the Big Blockchain list. Of these, 11% are classified as multi-chain, meaning they support several blockchains. When it comes to new games deployed on the same network, 9% originated from Arbitrum, 8% from Optimism, Immutable, and Ethereum, and 6% from StarkNet and Avalanche.

Investments in blockchain-based games reached $2.5 billion in the first quarter of 2022. A recent forecast by Fortune Business Insights predicts that the global blockchain gaming market will grow to $614 billion over the next seven years.