Caladan April 2026 Report: 93% of 3,200 GameFi Projects Dead, $15B Lost

An April 2026 Caladan report said 93% of 3,200 GameFi projects are effectively dead, with sector tokens down 95% from 2022 highs and about $15 billion destroyed. It also cited Axie Infinity's drop from 2.7M daily players in summer 2022 to 5,500, while GameFi VC funding fell from $5.56 billion in 2022 to roughly $390 million by 2025.