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Caladan: Web3 Gaming in Shakeout as 93% of Projects Fade, Funding Drops 99%Research firm Caladan said the Web3 gaming sector is undergoing a broad contraction, estimating around 93% of projects are effectively “dead,” with related tokens down an average of about 95% from their 2022 peaks and studio funding down roughly 93% from the cycle high. It also noted capital allocation has reversed sharply: gaming took about 62.5% of Web3 VC funding in 2022 but fell to single digits by 2025, while quarterly funding s ...