Game Over for Many in Blockchain Gaming

According to the latest H2 2023 report from Big Blockchain Games List, the blockchain gaming industry is experiencing a significant shakeout. Data shows that out of 1,322 blockchain games ever listed, 407 (31%) have now ceased operations.

During the last six months, 162 games, or 15% of the total, have been discontinued. Of these, 50 were live games, and 112 were still in development. In the first half of 2023, Big Blockchain Games noted that 248 games were discontinued.

Multichain games powering down

Multichain games, which could operate across various blockchain platforms, were hit the hardest. 28 games (17%) shut down in H2. The ‘unknown’ category, which includes games with undisclosed blockchain affiliations, saw 21 games (13%) cease operations. Single-chain games also saw closures, with BNB Chain losing 18 games (11%), Polygon 17 games (10%), Ethereum 10 games (6%), and both Sui and Solana each seeing 9 games (6%) go under.

A standout in the closures was “Blankos Block Party” by Mythical Games, a title that once featured on the Best Live list, noted Big Blockchain Games. The PC game ended in December 2023 but is now reportedly being revamped for a mobile release in 2024.

From play to pause

The majority of these shutdowns were smaller ventures led by teams lacking experience and funding. While funding issues and market conditions were commonly cited reasons for game cancellations, most projects simply faded out without formal announcements, inferred as discontinued due to extended inactivity.

Despite this trend of discontinuation, the blockchain gaming sector shows signs of activity and growth in other areas. DappRadar data from the previous month highlighted a surge in both volumes and Unique Active Wallets, indicating a potential upswing. The increased engagement might be attributed to new game launches, seasonal events, or new features drawing a crowd.

The contrasting figures of game closures and spikes in user engagement depict a blockchain gaming segment that is rapidly evolving, with survival and success seemingly reserved for the adaptable and well-funded.

Also Read: Top 10 Play To Earn Games To Experience Immersive Gaming

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Shraddha’s professional journey spans over five years, during which she worked as a financial journalist, covering business, markets, and cryptocurrencies. As a reporter, she has placed particular emphasis to learn about the market interaction with emerging technologies.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.