Web3 Gaming Slumps as 90% of Projects Fail

Caladan said 90% of GameFi projects have failed despite more than $15 billion invested in Web3 gaming. Caladan said token prices are about 95% below their all-time highs, and more than 300 blockchain games have shut down. Caladan said the play-to-earn model collapsed as new user growth slowed, while capital shifted to AI, RWA, and Layer 2 infrastructure.

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