**The GameFi Graveyard: Why 75% of Web3 Games Never Made It**

CoinGecko just dropped a brutal reality check on the play-to-earn hype. Out of 2,817 Web3 games launched between 2018-2023, roughly 2,127 are now dead on arrival. That's a **75% failure rate**—and it gets worse when you break down the years.

**The Numbers Don't Lie:**
- 2018: 72.7% failure rate (307 out of 422 games flopped)
- 2019-2020: Hit 94%+ failure rates as the bear market crushed momentum
- 2021: Only 45.9% died (lowest rate ever, courtesy of the bull run)
- 2022: **107.1% failure rate**—more games died than launched, total 742 projects
- 2023: 70.7% failure rate (509 projects inactive)

**What Killed GameFi?** User engagement flatlined. A game counted as "dead" when active users dropped 99%+ over 14 days. The space went from P2E euphoria (CryptoKitties fever) to a graveyard real quick.

**The Silver Lining:** The declining failure rate in 2023 (70.7% vs. 107.1% in 2022) might signal the market is finally stabilizing. Only the actually useful projects survive when the hype dies.