Caladan data shows about 93% of Web3 gaming projects are effectively dead after a $15 billion boom, with token values down 95% from 2022 peaks and studio funding collapsing 93% by 2025.

Caladan report reveals over 90% of Web3 game projects are effectively dead, with $15 billion burned through. Token values down 95% from peaks, funding collapsed 93%. Only 12% of gamers tried crypto games. Structural mismatch between speculation and entertainment.