93% of game Web3 is dead.



A new report from Caladan has just revealed chilling figures.

93% of more than 3,200 Web3 gaming projects from 2020 to now have shut down.

- GameFi tokens have evaporated, down 95% from their 2022 peak
- Capital inflows into game studios have collapsed by 93% up to 2025
- More than 300 games have completely closed down
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