Network dominance, failure rates, and game development stages of 3728 web3 games
This is the most recent report on the state of blockchain gaming, in which we present the most comprehensive and up-to-date market analysis. Tingbits.com has meticulously studied 3,728 blockchain-powered games since 2019. Our previous report revealed a startling statistic: 11% of the 3,139 NFT games we tracked were dead. This emphasizes the volatile nature of this emerging market, as well as the importance of careful analysis and strategic investment decisions.
In this report, we investigate the current state of the blockchain gaming industry and offer critical insights for both serious gamers and investors. Our findings look into critical factors like network dominance, failure rates, and the stages of blockchain game development. We provide unique perspectives on blockchain game production and its market impact, as well as essential information that every gamer and investor needs to know to navigate this dynamic space.
Blockchain Network Dominance
According to our most recent research, Binance Smart Chain (BSC) has emerged as the market leader in the blockchain gaming industry, with a market share of 37.9% as of March 30, 2023. Ethereum (ETH) is close behind at 19%, with Polygon (MATIC) accounting for 12.4%. These three networks account for nearly 70% of all tracked blockchain games, demonstrating their market dominance.
Our research, however, shows that other blockchain networks are gaining traction in the gaming industry. Solana (SOL) has a market share of 8.6%, WAX has 5.3%, Avalanche (AVAX) has 3.6%, and Immutable X (IMX) has 1.4%. Despite having smaller market shares, these networks have shown significant growth potential and have begun to pique the interest of investors and developers in the blockchain gaming industry.
Blockchain Networks Failure Rates
We tracked 3,728 games built on various blockchain networks and determined how many failed. 934 of them, or 25%, failed. "Failure" in this context refers to "games that have been abandoned, discontinued, inactive, or on indefinite hiatus."
According to our findings, Binance Smart Chain had the highest failure rate of the networks studied, with 31.88% of tracked games failing. Solana had a failure rate of 18.79%, while Ethereum had a failure rate of 19.77%. Other networks' failure rates varied, with WAX at 27.69%, Avalanche at 23.88%, Cardano at 8%, and Immutable X at 10%.
These findings highlight the wide variation in failure rates among blockchain networks in the gaming industry, with Binance Smart Chain, WAX, and Avalanche having the highest failure rates and Ethereum and Solana having the lowest. Cardano and Immutable X had the lowest failure rates of any network tested.
Development Stages of Web3 Games
Furthermore, according to our research, 27.3% of games are still in development, 11.78% are ready for players, 13.76% are in beta testing, 12.85% are in pre-sales, and 9.3% are ready for alpha testing. However, the data shows that the blockchain gaming industry has encountered difficulties, with 19.69% of games being discontinued, 5.3% remaining inactive, and 0.11% on indefinite hiatus. These findings demonstrate that not every blockchain game concept can be translated into a marketable product.
Despite these challenges, the blockchain gaming industry is rapidly evolving, with developers and players embracing blockchain technology's benefits. The market dominance of Binance Smart Chain, Ethereum, and Polygon emphasizes the importance of network performance in the success of blockchain games. The growing number of games in development and available to players indicates a thriving industry, promising new and exciting titles with features and opportunities not found in traditional games.
As blockchain technology advances, the gaming industry's future appears bright, with room for further growth and innovation. We will continue to monitor and analyze the blockchain gaming market in order to provide insights into this dynamic industry's ever-changing landscape.
About Tingbits.com
Tingbits is a sub-brand of whatoplay.com, a game-finding social discovery platform. Tingbits aims to provide up-to-date news, guides, and a lightning-fast search engine for finding the best blockchain games as a dedicated resource for web3 gamers. Tingbits is committed to providing valuable insights and information to gamers and investors as they navigate the world of NFT gaming, having a deep understanding of the risks and challenges of the blockchain space. Our goal is to create a community where gamers can freely share their experiences and have a say in future updates.