Forbes released its list of the world's most valuable esports organizations in the spring of 2022, with the average value of the top ten organizations being $353 million. This list has faced criticism since its inception, including harsh words from prominent esports journalist Jacob Wolf and former Envy organization CEO Adam Rymer, who labeled the list as 'complete garbage' back in 2020. Less than four years later, the list looks very outdated as the esports industry experiences a significant downturn.

The 2022 list included top organizations such as TSM valued at $540 million, 100 Thieves at $460 million, and Team Liquid at $440 million, among others. However, the industry has since taken a step back, with many factors contributing to this decline, including unpredictability, market bubbles, and overall lack of profitability. This situation marks what many industry insiders refer to as the 'esports winter,' which began in late 2022, reflecting broader financial challenges within the esports ecosystem.

The esports industry is often described as the wild west, characterized by rapid and unexpected changes. This volatility raises significant concerns about the sustainability of the valuations presented by Forbes. As many organizations struggle to maintain their previous valuations, experts are weighing in on the reality of the market and suggesting that the landscape is shifting significantly. The criticism and observations made by industry leaders highlight an urgent need for a more responsible approach toward evaluating the worth of esports organizations moving forward.