Analysis: Approximately 93% of GameFi projects fail, with funds shifting towards AI, RWA, and other sectors.

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ChainCatcher reports that, according to data disclosed by market-making firm Caladan, approximately 93% of GameFi projects are now nearly dead, with token values down 95% from their peak in 2022, and funding for game studios expected to plummet 93% by 2025. Investment in Web3 games has almost completely dried up, with capital shifting toward AI, real-world assets, and Layer-2 infrastructure, leading to a collapse in the gaming industry. Even the most active investor in the Web3 space, Animoca Brands, has reduced its gaming business to about 25% of its portfolio and is shifting focus toward stablecoins and other sectors.

Additionally, in 2022, 63% of Web3 venture capital funding went into gaming, but by 2025, that figure has fallen to single digits. Over 300 games have announced shutdowns, turning Web3 gaming into a cautionary tale about chasing speculation while neglecting product-market fit.

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