More than 90% of Web3 games failed after $15 billion boom as gamers never showed up: Caladan
CoinDesk
Data from Caladan shows over 93% of Web3 gaming projects have failed as the sector struggled with poor product-market fit and dwindling user interest.Summary
A report by market-making firm Caladan reveals that more than 93% of Web3 gaming projects have collapsed, with sector funding dropping 93% by 2025. Despite $15 billion in investment during the 2022 boom, the industry suffered from a structural mismatch between speculative 'play-to-earn' financial models and a player base that prioritized genuine entertainment. As speculative inflows dried up, projects faced plummeting token values and mass user attrition, leading to more than 300 game closures and a significant shift in venture capital toward AI and infrastructure.
(Source：CoinDesk)