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93% of Web3 game projects are dead | ChainPlay
ChainPlay reported today that 93% of GameFi projects (the fusion of gaming and decentralized finance, or Web3 games) are dead.
The return on investment for venture capital, and annual fundraising data is derived from ChainPlay’s internal database, which is curated from multiple sources such as CryptoRank, ChainBroker. The 93% failure rate reveals the brutal reality of GameFi—the majority of projects simply do not make it, highlighting the immense challenges in keeping investors and players engaged. Given that so many GameFi projects have gone defunct and prices have dropped by 95% from ATHs, the average 15% profit might not be enough to cover these risks, particularly when locked tokens become illiquid assets amidst plummeting values.
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