The Federal Deposit Insurance Corporation (FDIC) says large customers at a recently shut down bank could collectively lose millions of dollars in uninsured deposits. The banking regulator says at least $7.1 million at First National Bank of Lindsay in Oklahoma was uninsured, held in accounts that exceed the agency’s $250,000 insurance coverage limit. For now, […]
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A total of 282 US banks with $900 billion in total assets are suffering from a “toxic combo” that could push them to the brink of failure, according to a new report. According to the consulting firm Klaros Group, the banks in question simultaneously have large levels of exposure to commercial real estate and significant […]
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The “failed” blockchain games are those that have seen their 14-day moving average number of active users down more than 99% from its peak.
More than three-quarters of all blockchain games launched in the last five years are dead in the water, according to a recent study from CoinGecko.
Out of 2,817 games launched between 2018 and 2023, which were included in the study, only 690 of them still have a somewhat active player base.
CoinGecko defines a “failed” Web3 game as one where the 14-day moving average number of active users drops 99% or more from its peak.
While 2021 saw the highest number of blockchain games launched in a single year with 738 games, the following year — marred by major crypto collapses, saw the highest number of games to fizzle out, with 742 failing in a single year.
This puts the average failure rate of Web3 games at around 80% for any given year since 2018, according to CoinGecko.
CoinGecko noted that years of lower failure tended to coincide with the back of bull markets, while higher failure years came toward the start of bear market cycles.
Related: Free-to-play Web3 games hold the key to mass adoption — YGG co-founder
CryptoKitties was one of the first Web3 games that gathered hype in late 2017, but its adoption has since fizzled out. Decentraland, The Sandbox and Axie Infinity are among other Web3 games that have launched in the earlier years and are still widely used today.
Per recent data, Alien Worlds, Splinterlands and Planet IX had the three highest average unique active wallets used between Jan. 1 and Apr. 22, 2023, according to CoinGecko.
While 2022 had the highest number of failed games, 2023 has slowed the trend, with only 507 failed projects as of Nov. 27.
“The lower failure rate could perhaps indicate a stabilization in the state of web3 gaming,” CoinGecko said.
Magazine: 65% plunge in Web3 Games in ’23 but ‘real hits’ coming, $26M NFL Rivals NFT: Web3 Gamer
According to the Federal Deposit Insurance Corporation (FDIC), the troubled bank Silicon Valley Bank (SVB) was acquired by First Citizens Bank & Trust Company, which is based in Raleigh, North Carolina. First Citizens acquired all deposits and loans from SVB, as well as the 17 branches that SVB owned across the United States. Silicon Valley […]
On March 11, 2023, the decentralized finance project Makerdao issued an emergency proposal following the USDC depegging incident that saw the stablecoin dip down to $0.877 per unit. At the time of writing, Makerdao commands $3.1 billion in USDC collateral that backs a portion of the project’s stablecoin, DAI. Makerdao Proposes Changes to Limit Exposure […]
After Silvergate Bank announced its voluntary liquidation, U.S. senator Elizabeth Warren is attributing the financial institution’s downfall to “crypto risk.” According to Warren, she had previously warned about Silvergate. However, some critics are dismissing Warren’s opinion as “terribly misinformed” and claim that she is “tossing out egregious accusations.” Crypto Proponents Offer Different Perspectives on Silvergate […]
Following reports that the crypto payments firm Wyre was shutting down operations, CEO Ioannis Giannaros offered a contradicting story, stating that the firm was merely “scaling back.” Wyre has now announced that it is “modifying” its withdrawal policy, citing the crypto industry downturn and the “macroeconomic climate” as factors that have affected the company. On […]