
More than 90% of Web3 games failed after $15 billion boom as gamers never showed up: Caladan
Web3 gaming burned through up to $15 billion chasing a token-driven future that gamers never bought into. Data from Caladan, a market-making and trading firm, shows roughly 93% of so-called GameFi projects are now effectively dead, with token values down about 95% from their 2022 peaks and funding to studios collapsing 93% by 2025. Investors and studios poured billions into tokens and non-fungible tokens (NFTs) before building blockchain-based games containing tradable properties. Then capital shifted into AI, asset tokenization and infrastructure, and more than 300 games shut down, turning Web3 gaming into a cautionary tale about chasing speculation over product-market…








