The market capitalization of Web3 gaming tokens has fallen to $8.83 billion, marking a 69% decrease from the previous year, according to recent data. This decline includes a 34% drop over the past month, reflecting ongoing challenges in the GameFi sector amid the broader cryptocurrency downturn. Despite a brief bull run at the end of November, which saw market cap rise by 7% and trading volume increase by 103% to $6.1 billion, the sector's value has since retreated below $9 billion for the first time in over a year. The GameFi ecosystem is currently experiencing low enthusiasm, with minimal activity on crypto Twitter and a significant reduction in venture capital interest. Many users are engaging with Web3 games primarily for speculative purposes rather than gameplay, contributing to the closure of at least 27 studios this year. The industry is looking towards AAA game publishers to reignite interest and investment to regain its former momentum.