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93% of Web3 Games Are DeadAccording to research firm
Caladan, the
GameFi sector is effectively collapsing, with
93% of projects deemed "dead" and most metrics down by over
90%, despite
$12-15 billion invested since
2020.
The peak was in
2022, followed by a crypto winter, the
Ronin hack, and capital outflows to AI and other sectors. Even leading projects lost users, for example,
Axie Infinity's active users dropped from
2.8 million to around
100,000.
The main issue is tokenomics: investor-focused models collapse when growth slows.
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