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Analysis: Approximately 93% of GameFi projects fail, with funds shifting towards AI, RWA, and other sectors.
ChainCatcher reports, citing CoinDesk, that based on data disclosed by market-making firm Caladan, about 93% of GameFi projects are now nearly dead. Token values are down 95% from their 2022 peak, and funding for game studios is expected to plunge 93% by 2025. Investment in Web3 gaming has nearly completely dried up, with capital shifting to 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 scaled back its gaming business to about 25% of its investment portfolio and has begun moving into areas such as stablecoins.
In addition, 63% of Web3 venture capital funding in 2022 flowed into the gaming sector, but by 2025 that share has dropped to single digits. More than 300 games have announced shutdowns, turning Web3 gaming into a cautionary story about chasing speculation while ignoring product-market fit.