ChainPlay & Storible: 93% of GameFi Projects are Dead
The hype is over.
The companies analyzed 3,279 GameFi gaming projects. A project was considered “dead” if it had fewer than 100 DAU (data from DappRadar) or if the token value dropped by more than 90% from peak indicators (data from Dune Analytics). The review was conducted in November 2024.
Market State in 2024
316 new GameFi projects are launched each year. 262 die.
Currently, 93% of all GameFi projects are dead.
88% of all projects have seen their token value drop by more than 90% from their peak value.
On average, the value of GameFi project tokens has fallen by 95% from their peak value.
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The average lifespan of a GameFi project is four months. For comparison, meme coins usually live for a year. And typical crypto projects - 3 years.
Future of GameFi
In 2024, $859 million was invested in GameFi projects. This is 13% less than in 2023. And 84.6% less than the peak values of 2022 ($5.56 billion).
In 2024, there were 221 public deals. This is 44% more than last year. But less than the 358 rounds in 2022.
The report’s authors believe that, despite the 2022 bubble bursting, strategic investors are still interested in various GameFi projects. However, a lot of changes are needed for significant and sustainable growth.
❗️I didn’t describe the part about investments because I don’t understand how “average profit” and ROI are calculated here. But I’ve attached the infographic.
