Blockchain gaming, once hailed as the future of the gaming industry, is facing a significant challenge as more than 30% of the blockchain games announced in 2023 have been reported as discontinued or canceled, according to data from the Big Blockchain Game List.
As of January 2024, the comprehensive list includes a total of 911 games, with 334 currently live and 577 still in development. However, the stark reality is that out of the cumulative 1,318 blockchain games ever listed since the initiative's launch in 2021, a considerable 31%, equivalent to 407 games, are now classified as discontinued or abandoned.
The reasons behind the discontinuations vary, with funding challenges and market conditions arising from the crypto winter being the most commonly cited. Many projects opted for radio silence, ceasing operations without formal announcements, leaving players and investors in the dark.
A notable trend observed in H2 of 2023 is the rise of multichain games, with 17% of the 162 discontinued games embracing the approach of integrating with two or more blockchains. BNB and Polygon emerged as the frontrunners among single blockchain discontinued games, accounting for 11% and 10%, respectively. Ethereum, Sui, and Solana also made notable contributions, each representing 6%.
The landscape shifted compared to H1 2023, with Polygon surpassing Ethereum in the proportion of discontinued titles. Despite BNB maintaining its status as the blockchain with the most discontinued games, Polygon witnessed a surge, partly due to the increased number of discontinued games from projects like Sui, surpassing Wemix in discontinuations.
Amidst these challenges, the industry has seen the emergence of new blockchain games. In Q4 2023, the Big List welcomed 65 new blockchain games, with 11% embracing the multichain approach. Among games deploying on a single chain, significant growth was observed in Arbitrum (9%), followed closely by Optimism, Immutable, Ethereum (8% each), StarkNet, and Avalanche (6% each).
A survey conducted by the Blockchain Game Alliance with 526 participants revealed that 19.8% of respondents believe the entry of traditional game studios into the realm of web3 gaming will have the most positive impact in 2024.
Yat Siu, the executive chairman of Animoca Brands, views the current period as a "cleanup year" for the blockchain gaming industry. Despite the challenges faced in 2023, Siu remains optimistic, expressing a belief in a robust year ahead for blockchain games in 2024.
As the industry navigates through challenges and embraces growth, the future of blockchain gaming remains dynamic, with both setbacks and opportunities shaping its trajectory in 2024.
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