You see it everywhere if you hang around crypto long enough: GameFi was once the big thing. Billions flowed into it, everyone thought gaming and blockchain were the future. And then... nothing.

Caladan just mentioned the number: more than 90% of all Web3 games launched during that boom have gone bankrupt. We're talking about an investment bubble of $15 billion, and most of it is just gone. Not because the technology was bad, but because gamers never really showed up.

That's the interesting part. GameFi projects built these complex tokenomics, promises of earning money, play-to-earn models that sounded great on paper. But what they didn't understand: gamers want to play a good game, not look at a spreadsheet. They want fun, not constantly calculating returns.

The GameFi crash is actually a lesson in what not to do. You can't just slap a token onto a bad game and expect it to work. The community quickly saw through that many of these projects were more focused on financial engineering than on real gaming experience. Once markets turned, they were gone.

What's interesting is that this didn't kill the GameFi space, but it did filter it. Projects that genuinely try to combine good gameplay and blockchain still get attention. But the days of "launch a token and rake in cash" are over.

CoinDesk reports on it with their usual standard, and they are clear about their affiliations with Bullish and their editorial policy. But the message is clear: the GameFi hype was mostly hype, and reality has caught up.