Caladan Says 93% of Web3 Gaming Projects Are Effectively Dead

Caladan said 93% of Web3 gaming projects are now effectively dead after a ChainPlay review of more than 3,200 GameFi titles. Caladan estimated roughly $12 billion has been committed since 2020, while average token prices are down 95% from their 2022 peaks. Annual funding also fell from $4 billion in 2022 to about $360 million in 2025.

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