Gaming took 63% of all Web3 venture funding in 2022, but by 2025 its share had fallen to single digits as capital rotated into AI, real-world assets and layer-2 infrastructure. Web3 gaming has imploded, with more than 90% of GameFi projects effectively dead, token prices down roughly 95% from their peaks, and funding to studios collapsing by 93% by 2025. The play-to-earn model, which turned games into speculative financial loops, collapsed once new inflows slowed, leaving once-hyped titles like…
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