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Analysis: Approximately 93% of GameFi projects fail, with funds shifting toward AI, RWA, and other sectors.
ChainCatcher reports, citing a CoinDesk report, that based on disclosures from market-making firm Caladan, about 93% of GameFi projects are now nearly dead; token values have fallen 95% from their peak in 2022; and game studio funding by 2025 has also plunged 93%. Investment in Web3 games has nearly completely dried up, with capital shifting toward AI, real-world assets, and Layer-2 infrastructure—leading to a collapse in the gaming industry. Even Animoca Brands, one of the most active investors in the Web3 space, has cut back its gaming business to about 25% of its investment portfolio and started moving into areas such as stablecoins.
In addition, while 63% of Web3 venture capital in 2022 flowed into the gaming sector, that share has dropped to single digits by 2025. More than 300 games have announced shutdowns, turning Web3 gaming into a cautionary tale about chasing speculation while ignoring product-market fit.