I just saw some data that really stings a bit: over the past few years, $15 billion has been poured into the Web3 gaming space, and as a result, more than 90% of the projects have died. This failure rate really says a lot.

Think about how many people back then were filled with expectations for Web3 games, believing it was the next big trend. All kinds of fundraising news were everywhere, dominating the headlines. Developers were also actively working on develop blockchain game projects, trying to create the so-called new model of “game + token.” But what’s the reality? Players still never truly flooded in at scale.

The root problem is actually very simple: the gameplay isn’t strong enough, and the token economy can’t hold up. Many projects, at their core, are just taking traditional games and putting them on-chain, then adding a token system, thinking that this would attract players. But it turns out that the players who genuinely want to play games don’t care at all whether it’s on a blockchain. They only care whether the game is good. And those users who come for token profits will all run off once the coin price drops.

This also makes me reflect on one question: what should be the right way to develop blockchain games? Is it about first making the game itself great, so users come because of the game quality, or is it about continuing to force adoption with token incentives? Judging by this 90% failure rate, the answer is already crystal clear.

The Web3 game projects that are still alive today are basically the ones that truly put the gaming experience first. This lesson is important for the entire industry. Blockchain technology itself isn’t the issue—the problem is how to use it. If it’s only about riding the hype and chasing funding, then it’s doomed to be eliminated.