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Caladan Says 93% of Web3 Games Failed After $15B Boom

2026-04-23 13:12:45

Caladan said about 93% of Web3 gaming projects are effectively dead after the sector burned through as much as $15 billion. Caladan said token values are about 95% below their 2022 peaks and studio funding fell 93% by 2025. The report said more than 300 blockchain games shut down as capital moved toward AI, real-world asset tokenization and infrastructure.

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