An essential foundation of Web 3 and the future of generative AI is blockchain due to the emerging demand for traceability, verifiability and authenticity. Coopetition is crucial for organisations for co-evolution and value creation, leading them to form decentralised ecosystems. Then why are b2b blockchain ecosystems struggling with survival or disappointed with delayed success? To investigate, this study delves into the dynamics of blockchain ecosystems, where multiple organisations join or establish a network to create and share value using blockchain technology. I interviewed the C-level executives of twelve (12) blockchain ecosystems on different stages, from idea conception to operations. I also included ecosystems that rolled back their operations after going live. The preliminary data analysis led to categorising these challenges into human/behavioural, technological, strategic, and external factors. Another critical finding is most B2B blockchain ecosystems are governed by conventional off-chain governance models.