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

What Happened

Caladan's analysis reveals approximately 93% of Web3 gaming projects have failed after the sector burned through $15 billion. Token values declined 95% from 2022 peaks, studio funding collapsed 93%, and over 300 games shut down. Capital shifted toward AI and tokenization. Major casualties include Hamster Kombat losing 96% users, YGG token down 99.6%, Pixelmon raising $70 million with no game, and Gala Games facing lawsuit allegations.

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