Illuvium, Axie and Sandbox Reviewed

In 2021, crypto was supposed to reinvent gaming: play, earn, and genuinely own your items. Five years later the record is sobering. Every large gaming token trades between 97 and almost 100 percent below its high, and six of them marked an all-time low only this summer. The analytics firm Caladan counts more than 90 percent of Web3 games as effectively failed.

This article sets out what became of Illuvium, Aavegotchi, The Sandbox, Axie Infinity and the other familiar names, why the model did not hold, and whether any crypto game in 2026 has real players at all. It ends with a checklist that helps you judge a new game before you put money into it.

Gaming token prices in 2026: the numbers

All prices come from CoinGecko, retrieved on September 26, 2026 at 14:11 UTC. The all-time low column shows when each token reached its lowest point.

The plus signs of the last 30 days should not mislead you. A token that has lost 99 percent and then gains 30 percent still stands at 1.3 percent of its high. The recovery largely follows the broader market, not news out of the games.

What became of the best-known crypto games

Illuvium: The project that advertised console-grade graphics in 2021 marked its all-time low on July 29, 2026, at a price 99.8 percent below its high of roughly $1,900. According to the industry outlet The Defiant, the team is cutting salaries in order to hold out longer. The open-world title Overworld is announced for December 2026. In mid-September, ILV rose around 20 percent in a single day, without anything about that situation having changed.

Axie Infinity: The game that made play to earn famous had roughly 2.7 million daily users at its peak. Caladan puts the figure today at about 5,500. The studio Sky Mavis is working on the successor Atia’s Legacy; a third playtest has been running since July 1, 2026. There is no launch date. If you remember the hack of the Ronin bridge, the story is in our article on the Axie Infinity hack

The Sandbox: The virtual world is still running and is betting on tools for creators. In August the project was hit by an incident on its bridge to Base and BNB Chain; by its own account the treasury compensated those affected one for one. The details are in our articles on the Sandbox bridge exploit and on the compensation claim.

Aavegotchi: The collectible game with the ghost NFTs has moved from Polygon to Base. With a market capitalisation of around $4 million GHST is by now one of the smallest tokens on this list. How the game was originally meant to work is explained in our 2022 article on the Gotchiverse, which today reads like a period document

Pixels: The farming game on Ronin has repositioned itself. The rewards app Stacked has been running on Ronin since March 2026, and the game itself has become opentime low on July 30, 2026

Immutable: The gaming platform has merged its two networks. IMX reached the lowest level in its history on August 19, 2026. The next release of new IMX tokens is due on October 5.

Decentraland, Gala, Big Time and Parallel: All four are still running, but quietly. Decentraland can now also be reached through mainstream game platforms and on mobile, Gala is developing Mirandus, and Big Time and Parallel are building their games while their tokens sit at record lows.

Why the play-to-earn narrative failed

The Caladan figures that CoinDesk published in April 2026 are unambiguous: more than 90 percent of Web3 games count as failed, over 300 games have been shut down, and funding for new studios has collapsed by 93 percent. The site BitPinas counts 41 closures for the first half of 2026 alone, against 37 in the whole of 2025.

Three reasons run through almost every case:

1. The token came before the game. Many projects sold tokens and land before a playable game existed. Whoever bought early wanted to sell as soon as they could, and players never arrived in the numbers that could have absorbed that selling pressure.
2. Earning instead of playing. Play to earn attracted people who wanted to make money, rather than people who wanted to play. The maths worked as long as fresh money kept coming in. Once it stopped, the rewards fell and the users went with them.
3. Players do not want a wallet. Setting up a wallet, choosing a network, paying fees: for someone who wants to play for an hour in the evening, those are hurdles no conventional game imposes.

What the numbers do not say also matters. DappRadar reported roughly 4.9 million daily active wallets in gaming for July 2026, the only category still growing. But a wallet is not a player. Some of them are automated accounts harvesting rewards. Figures on user numbers contradict each other massively depending on the00” in marketing copy

Are there crypto games with real players in 2026?

Yes, but only a few, and none of them runs by itself. Two titles stand out:

MapleStory Universe: The Korean games group Nexon has carried its well-known brand over into a blockchain version. According to Blockchain Gamer, MapleStory Universe reached $9.9 million in protocol revenue and 564,714 paying wallets in the first half of 2026. The difference from the games of 2021: here a game with millions of fans came first, and the blockchain was added to it.

Off The Grid: The shooter from the studio Gunzilla is due to appear in version 1.0 in October 2026 and to leave early access behind. According to the studio there are 437,000 wallets on the mainnet and around 23,000 daily active wallets. Those are the maker’s own figures, not an independent measurement. The GUN token nevertheless marked its all-time low only on September 16, 2026. The October release is the most important test of the year: does a finished, well-made game hold its players even when the token falls?

How to spot a Web3 game with real players

Before you put money into a gaming token or a game NFT, work through these five questions:

1. Can I play the game today? If not, you are buying a promise. A trailer is not a game.
2. Would I play it without a reward? A game that only has players because of the payout loses them as soon as the payout shrinks.
3. Who measures the user numbers? Figures from the studio are advertising. Independent numbers from DappRadar or analytics firms are better, and even there the rule holds: wallets are not people.
4. How many tokens are still to be released? Large unlocks push the price down. The next dates are listed in public unlock calendars.
5. Do I need the token in order to play? If not, its value rests on speculation alone.

You buy game NFTs on marketplaces whose fees and chains differ widely. Our NFT marketplace comparison gives you an overview. Gaming tokens themselves you trade in Germany through a regulated exchange, and you will find the licensed providers in our crypto exchange comparison.

Web3 gaming dates before the end of the year

• October 5, 2026: Release of new IMX tokens at Immutable.
• October 2026: Off The Grid is due to appear in version 1.0; the studio has not named an exact day.
• October 17, 2026: ApeFest in Charleston, where Yuga Labs could show something new on Otherside.
• December 2026: Illuvium wants to launch Overworld.

Anyone who bought gaming tokens in 2021 or 2022 and sells today at a loss should keep tax in mind: in Germany, losses from private disposal transactions within one year can be offset against gains from the same pot, and after a holding period of more than a year a sale is no longer relevant for tax. Our last overview of gaming tokens from spring 2025 is in our top 5 gaming tokens from May 2025; the comparison with today shows how quickly this field changes.

Our assessment of crypto gaming

Web3 gaming is not dead in 2026, but the promise of 2021 is. Playing in order to earn money did not work, because in the end someone always has to pay for the payouts. What can remain are good games in which a blockchain works in the background, for the ownership and trading of items for example. Whether that is enough will become clear over the coming months at Off The Grid and MapleStory Universe, not in the prices of the old tokens.

(As of September 26, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)

AdvertisementNFT marketplaces compared

Transparency note: This article was produced with the assistance of artificial intelligence and reviewed by our editorial team before publication. All figures and claims were checked against the primaryI

Source: cryptoticker.io