Web3 Gaming Shakeout: 93% of Projects Are Now Dead as Funding Drops 99%
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April 28, 2026 Caladan report: Web3 gaming is in a major shakeout — ~93% of projects effectively dead and gaming tokens down ~95% from 2022 peaks. - Fundraising collapse: VC and studio funding plunged (VC cited falling from $4.0B to $0.36B; quarterly inflows collapsed from $1.6B to $18M; studio funding down ~93%), hitting token markets and project liquidity. - Cause and implication: Axie Infinity boom faded and the Ronin hack eroded trust; outcome is market maturation and consolidation with increased pressure on security, adoption, sustainability and fundraising for surviving crypto/Web3 gaming projects.
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- Web3 gaming is in a shakeout, with 93% of projects effectively dead and tokens down 95% from 2022 peaks.
- Web3 VC funding fell from $4B to $0.36B as the Axie Infinity boom faded and the Ronin hack eroded trust.
- This shakeout signals a maturing market where only sustainable projects can survive in the long term.
On April 28, 2026, research firm Caladan reported a severe shakeout in Web3 gaming. Caladan reported that 93% of projects are now effectively dead, tokens have dropped 95% from 2022 peaks, and studio funding has dropped by 93% as quarterly inflows collapsed from $1.6B to $18M. This sharp contraction marks the end of hype-driven Play-to-Earn gaming.
Web3 Gaming in Shakeout as 93% of Projects are Dead
According to Caladan reports, the Web3 gaming industry is experiencing a severe and widespread contraction. The firm estimates that around 93% of projects are …
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