Caladan Says 93% of Web3 Gaming Projects Are Dead as Funding Falls to $18M

Research firm Caladan said about 93% of Web3 gaming projects are effectively dead as quarterly funding fell from about $1.6 billion to about $18 million. Caladan said gaming’s share of Web3 VC funding dropped from about 62.5% in 2022 to single digits by 2025. Caladan said related tokens are down an average of about 95% from their 2022 peaks.

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