We prove that multiplicative preprojective algebras, defined by Crawley-Boevey and Shaw, are 2-Calabi–Yau algebras, in the case of quivers containing unoriented cycles. If the quiver is not itself a cycle, we show that the center is trivial, and hence the Calabi–Yau structure is unique. If the quiver is a cycle, we show that the algebra is a noncommutative crepant resolution of its center, the ring of functions on the corresponding multiplicative quiver variety with a type A surface singularity. We also prove that the dg versions of these algebras (arising as certain Fukaya categories) are formal. We conjecture that the same properties hold for all non-Dynkin quivers, with respect to any extended Dynkin subquiver (note that the cycle is the type A case). Finally, we prove that multiplicative quiver varieties — for all quivers — are formally locally isomorphic to ordinary quiver varieties. In particular, they are all symplectic singularities (which implies they are normal and have rational Gorenstein singularities). This includes character varieties of Riemann surfaces with punctures and monodromy conditions. We deduce this from a more general statement about 2-Calabi–Yau algebras (following Bocklandt, Galluzzi, and Vaccarino).