More than 90% of Web3 games failed after $15 billion boom as gamers never showed up: Caladan
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By Sam Reynolds
Published on April 23, 2026.
Web3 gaming lost up to $15 billion in investment chasing a token-driven future that gamers never bought into, according to data from market-making and trading firm Caladan. Approximately 93% of GameFi projects are now effectively dead, with token values down 95% from their 2022 peaks and funding to studios collapsing 93% by 2025. The failure was due to a structural mismatch between a model built around financial incentives and an audience who wanted entertainment instead. The sector's success was largely due to the rapid growth in speculative demand and subsequent decline in in-game economies. Gaming once commanded 62.5% of all Web3 venture investment in 2022, its share had declined to single digits by 2025 as investment shifted towards infrastructure.
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