Caladan reports that 93% of Web3 gaming projects have become inactive following a ChainPlay review of over 3,200 GameFi titles. According to NS3.AI, Caladan estimates that approximately $12 billion has been invested in these projects since 2020. However, the average token prices have plummeted by 95% from their peaks in 2022. Additionally, annual funding has significantly decreased from $4 billion in 2022 to around $360 million in 2025.