I just read a rather discouraging analysis about the current state of gaming in Web3. It turns out that more than 90% of the Web3 game projects that emerged during that $15 billion boom simply didn't take off. And it's not due to lack of money, but because players never really arrived.

What's interesting is that Caladan has been pointing this out for some time. The reality is harsh: we had all the capital, all the hype, all the infrastructure needed for Web3 gaming to explode. But the most important thing was missing: people actually playing.

I think many projects made the same mistake. They focused on technology and tokenomics, but forgot that a game needs to be... fun. Traditional players didn't come for blockchain or NFTs; they came (or didn't come, in this case) because the games didn't offer anything they couldn't get on conventional platforms.

This massive failure in Web3 gaming is an important reminder. Not everything that shines in crypto has to be a game, and not every game needs to be Web3. The industry learned the hard way that technology without real purpose is just noise.

Now, this doesn't mean that Web3 gaming is dead. It means that the projects that survive will be those that truly understand what players are looking for and how blockchain can add real value, not just complexity.