Fortune

Dark

<p>The crypto speculative fever around GameFi has abruptly subsided, leaving behind a devastated landscape littered with abandoned projects. A recent study reveals that between 2018 and 2023, no less than 75.5% of GameFi initiatives have gone bankrupt. Of the 2,817 games launched, 2,127 did not survive more than a year.</p>
<h2 id="h-the-mirage-of-easy-fortune">The Mirage of Easy Fortune</h2>
<p>Enticed by the success stories of 2017 such as CryptoKitties and the promises of quick gains through “play-to-earn”, thousands of crypto developers have rushed headlong into the GameFi adventure.&nbsp;</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>A thoughtless rush that resulted in an unsustainable oversaturation of the crypto market. In 2018 alone, no fewer than 422 new projects were launched, only to plunge into the abyss of oblivion at a rate of 72.7%.</p>
<p>While the year 2021, buoyed by the general euphoria of the crypto market, limited the carnage with “only” 45.9% of failures, 2022 will remain as a veritable Via Dolorosa for GameFi investors. With no fewer than 742 stillborn projects, the failure rate skyrocketed to 107.1%, a historic record, as reported by <a href="https://www.coingecko.com/" target="_blank" rel="noopener noreferrer nofollow">Coingecko.</a></p>
<h2 id="h-2022-the-dark-year-of-crypto-gamefi">2022, the Dark Year of Crypto GameFi</h2>
<p>With 2000 projects swallowed up in five years, or 3 out of every 4 initiatives, it is clear that the GameFi mirage has dissipated as quickly as it appeared. Admittedly, the mortality rate seems to be stabilizing around 70% since the beginning of the year.&nbsp;</p>
<p>But under such conditions, it is difficult to envisage a bright crypto future for the survivors, condemned to struggle in an ultra-competitive environment.</p>
<p>In conclusion, it appears that the naive enthusiasm of the years 2018-2022 is giving way in 2023 to a form of realism, if not disillusionment. It remains to be seen whether investors will learn the lessons of this painful episode and will now take a more critical look at the fantastic promises of some GameFi projects. The time of excessive ambitions seems to be truly over. Welcome to the era of consolidation while <a href="https://www.cointribune.com/en/bitcoin-explodes-wall-street-prepares-for-a-major-upheaval/" target="_blank" rel="noopener noreferrer nofollow">Wall Street prepares for the great upheaval!</a></p>

Crypto: GameFi Collapses, 2000 Projects Have Gone Bankrupt

Table of Contents

Cointribune EN

Other articles published on Dec 1, 2023

The Influence of Elon Musk on Social Media and Crypto: A Deep Dive

Bitcoin hits 2023 high. What will happen to cryptocurrencies in December

OpenAI’s ChatGPT under scrutiny

Best Crypto Showdown: XRP, Bitcoin and Euler Network—EUL Scores Big with a $3.5M Presale

Anticipating the Bullish Turn: Solana’s Potential Climb in the Crypto Market

UN Agency To Educate 22,000 Employees in Blockchain Technology

Join our free newsletter for daily crypto updates!