How Web3 Gaming Evolved Through the $BTC Market Cycles?
A recent report by Caladan shows how the sector evolved after the 2021-2022 boom. At its peak, GameFi attracted ~62.5% of Web3 VC funding. From 2020 to 2026, $12-15B flowed into the space. Today, many projects show low activity, and average token drawdowns are ~95%.
Common patterns: tokens/NFTs sold before gameplay, long "metaverse" roadmaps, P2E models reliant on new users, and years of development without a finished product.
I remember early experiments on Solana where you walked, earned points, and played with your account. It was fun for a while. Cases like Pixelmon and Wilder World highlight long builds with shifting strategies. Even Telegram hits like Hamster Kombat saw sharp valuation swings.
What's working now? Simpler games and Web2+Web3 hybrids where tokens aren't the core gameplay.