Web3 Gaming is Dead: Report

The Web3 gaming sector is all but dead, with $11 billion of the more than $12 billion deployed from 2020 to 2026 “practically gone.” That’s according to market-making and trading firm Caladan, which said in a April 22 report that 93% of all GameFi projects are “effectively dead.” The average gaming token is down 95% from its all-time high. And even Animoica Brands, the biggest player in the Web3 gaming space, has reduced gaming from its core thesis to 25% of its portfolio, pivoting to stablecoins, Caladan said. “The funding arc tells the story,” the report said. “From $70 million in 2020 to a $4 billion peak in 2022, then…