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Financial Struggles and Chain Switching Plague Web3 Gaming Industry

Financial difficulties in the blockchain gaming industry led to the suspension of 157 games in 2022 and 43 in 2023, with most of the affected games being from small studios lacking significant funding. Indie games still make up the majority of Web3 games, accounting for 42% of the total. The number of blockchain networks for gaming increased from 37 in 2022 to 53 in 2023, resulting in more competition among developers and blockchains. The top three networks used by blockchain games are Polygon, Binance's BNB Chain, and Ethereum's mainnet. Some developers have switched to other chains with lower costs, while others have moved due to broader market and regulatory concerns.

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