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Analysis: Approximately 93% of GameFi projects fail, with funds shifting towards AI, RWA, and other sectors.
ChainCatcher reports that, according to data disclosed by market-making trading firm Caladan, nearly 93% of GameFi projects are now all but dead. Token values have fallen 95% from their 2022 peak, and funding for game studios is also expected to plunge by 93% by 2025. Investment in Web3 games has nearly come to a standstill, with capital shifting toward AI, real-world assets, and Layer-2 infrastructure—driving a collapse across the gaming industry. Even Animoca Brands, one of the most active investors in the Web3 space, has cut its gaming business to about 25% of its investment portfolio and begun shifting its focus to areas such as stablecoins.
In addition, in 2022, 63% of Web3 venture capital flowed into the gaming sector, but by 2025 that figure has dropped to single digits. More than 300 games have announced shutdowns, turning Web3 gaming into a cautionary story about chasing speculation while neglecting product-market fit.