More than 90% of Web3 games failed after $15 billion boom as gamers never showed up: Caladan

More than 90% of Web3 games failed after $15 billion boom as gamers never showed up: Caladan

Search/NewsVideoPricesResearchConsensus 2026Data & IndicesSponsoredSearch/enMarketsShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMore than 90% of Web3 games failed after $15 billion boom as gamers never showed up: CaladanGaming took 63% of all Web3 venture funding in 2022, but by 2025 its share had fallen to single digits as capital rotated into AI, real-world assets and layer-2 infrastructure.By Sam Reynolds|Edited by Sheldon Reback Apr 23, 2026, 1:02 p.m. Make preferred on A shuttered bank in the ghost town of Rockerville, South Dakota, near Mount Rushmore. (Peter Unger/Getty Images)What to know: Web3 gaming has imploded, with more than 90% of GameFi projects effectively dead, token prices down roughly 95% from their peaks, and funding to studios collapsing by 93% by 2025.The play-to-earn model, which turned games into speculative financial loops, collapsed once

Source: https://www.coindesk.com/markets/2026/04/23/more-than-90-of-web3-games-failed-after-usd15-billion-boom-as-gamers-never-showed-up-caladan