# BEAM

The Caladan report showing 90%+ failure across Web3 gaming after a $15B boom isn’t surprising.
It’s necessary context.
In 2022, gaming captured 63% of Web3 VC funding.
By 2025, that dropped to single digits.
Capital didn’t disappear. It got filtered.
Most projects failed for a simple reason:
They weren’t games.
They were token economies with gameplay layered on top.
That model only works while new liquidity flows in.
When speculation fades, so does the player base. What survives is structurally different.
Infrastructure > tokenized games.
$Beam reflects that shift.
Instead of building games fo