Caladan: 90%+ of Web3 games failed despite $15B funding boom as players never showed up

Caladan published a brutal post-mortem on the Web3 gaming era: 90%+ of titles funded during the $15B boom are dead, with the actual player base never materializing despite years of VC hype. The autopsy confirms what CT already suspected — degens farming token rewards were the only real "users," and they walked the moment incentives dried up. Studios that raised on the GameFi narrative are left holding worthless tokens and empty servers.

TLDR by @Benthic

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• Web3
• Funding