April 2024
Blockchain
Gaming Report
Author:
[email protected]
Data Source:
GameFi Research Page
In April 2024, the Web3 gaming sector experienced significant volatility after a record-breaking performance in March. Bitcoin witnessed a correction from its all-time high, with a monthly decline of 10.4%. Similarly, the market capitalization of blockchain gaming tokens also dropped by 30.5%. However, amidst these circumstances, the number of daily active users (wallets) reached a historic high of 3 million, highlighting the continued growth in user engagement despite market challenges.
This report is based on data from the Footprint Analytics’ Web3 Gaming Research Page. It is an easy-to-use dashboard that provides the most important statistics and metrics for the Web3 gaming industry, updated in real-time.
Macro Market Review
In April 2024, Bitcoin experienced a decline after reaching a new all-time high of $73,068 in March. Starting from $71,229 on April 1st, the price dropped to $63,839 by April 30th, marking a decline of 10.4%. Ethereum followed a similar trend, opening the month at $3,643 and closing at $3,215, with a decline of 11.7%.
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Data Source:
Bitcoin and Ethereum Prices
Overall, the industry witnessed several positive events in April. On April 20th, Bitcoin successfully underwent its halving. U.S. senators proposed regulatory measures for stablecoins, indicating a potentially clearer regulatory environment. Additionally, the month saw the conclusion of the “Binance Incident” with the sentencing of Zhao Changpeng, the former CEO of Binance, to four months in prison for anti-money laundering violations. This marked a clearer regulatory direction for centralized exchanges.
Despite months of continuous growth, Bitcoin prices witnessed a decline in April. Ethereum lagged behind Bitcoin, possibly due to investors’ uncertainty regarding the approval of Ethereum ETFs in the U.S. market.
This reflects the overall market sentiment, which has been subdued. Public statements from officials of the U.S. Federal Reserve System indicated a decreasing possibility of interest rate cuts, aligning with the rise in economic indicators such as employment and the Consumer Price Index (CPI). Additionally, Uniswap Labs and Consensys received Wells Notices from the U.S. Securities and Exchange Commission (SEC), indicating regulatory challenges for decentralized finance projects.
Blockchain Gaming Market Overview
In April, the market capitalization of blockchain gaming tokens dropped to $16.6 billion, marking a decline of 30.5%. This trend was largely influenced by the overall performance of the cryptocurrency market and the behavior of Bitcoin.
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Data Source:
Blockchain Gaming and Bitcoin Market Cap
The average daily transaction volume of blockchain games reached 8.6 million, a decrease of 16.7% compared to March, and significantly lower than the peak of 25 million transactions in the third quarter of 2022.
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Data Source:
Daily Transaction Volume of Blockchain Games
However, the average daily active users (wallets/players) in April reached 3 million, a growth of 16.9% compared to March, setting a new historical high.
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Data Source:
Daily Active Users of Blockchain Games
Blockchain Gaming Public Chains
In April, the number of active games on various blockchains reached 1,572, with BNB Chain, Polygon, and Wax leading with market shares of 25.8%, 19.5%, and 15.6%, respectively.
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Data Source:
Daily Active Users of Blockchain Games on Different Public Chains
(Note: Some games are deployed on multiple chains, and the total number of games is calculated separately for each chain.)
Among the 3 million daily active users, Ronin, Polygon, and Near were the top platforms. Ronin maintained its lead, increasing its market share from 25.9% at the beginning of the month to 29.2% at the end. Near also experienced significant growth, increasing its market share from 6.4% to 11.3%, while Klaytn’s market share rose from 2.9% to 6.2%. On the other hand, BNB Chain’s market share declined from 9.1% to 7.4%. Additionally, due to the conclusion of its Web3 gaming event “Linea Park” in April, Linea’s market share plummeted from 7.8% to 0.15%.
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Data Source:
Daily Active Users of Blockchain Games on Different Public Chains
Following the initiatives by the Arbitrum and Starknet foundations to support the Web3 gaming ecosystem last month, more blockchain platforms have joined the ranks. Immutable announced the launch of a $50 million Web3 gaming reward program and revealed that its ecosystem is currently working on developing over 270 games, including notable projects like Illuvium and MetalCore.
Blockchain Gaming Projects
In April, the total number of games reached 3,118, with 1,319 games in active status. Among these active games, 261 games attracted over 1,000 monthly users, accounting for 8.4%.
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Data Source:
Number of Monthly Blockchain Games
These figures have been consistent for some time, and there is a general expectation for an increase in the number of popular Web3 games. However, game studios face the challenge of developing high-quality games, which is a time-consuming process. Additionally, they also face the significant challenge of bridging the gap between partially on-chain and fully on-chain games. Creating an ideal fully on-chain game requires seamless integration of on-chain elements with the rich user experience found in traditional games.
Despite these challenges, some games performed remarkably well in April. On their respective platforms, several popular games experienced significant user growth: Pixels attracted 1.1 million new users on Ronin, Matr1x Fire attracted 598,000 new users on Polygon, and Lifeform attracted 113,000 new users on BNB Chain. Furthermore, Another World on Klaytn emerged as one of the hottest games. In April, its daily active user count reached 131,000, increasing from 20,000 on April 1st to 173,000 on April 30th, a significant increase from the previous average of fewer than 50 daily users. This surge in popularity helped increase Klaytn’s market share, rising from 2.9% to 6.2%.
Blockchain Gaming Investment and Financing
In April, the blockchain gaming industry witnessed a total of 17 financing activities, with a total investment amount of $78.7 million, a decrease of 47.9% compared to March.
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Blockchain Gaming Investment and Financing Events in April 2024 (Source: crypto-fundraising.info)
Animoca Brands remained active in April, investing in five blockchain gaming projects, including Anichess, Puffverse, Gomble Games, Iskra, and Planet Mojo.
Blockchain gaming platform Gomble Games secured a $10 million financing round from notable cryptocurrency and gaming investors, including Spartan, Animoca Brands, Binance Labs, and IOSG Ventures.
NFT game Puffverse raised $3 million in funding from investors including Animoca Brands, Spartan, and Sky Mavis. It is worth noting that Puffverse announced plans to fully migrate its main product and assets to the Ronin chain in May.
Key Developments This Month
Hytopia is set to launch its beta version after an $8 million token sale.
NFT card game Parallel is set to debut on the Epic Games Store.
AltLayer partners with Xterio Games to launch a game-centric Restaked Rollup.
Sui gaming handheld aims to compete with the Steam Deck, running PC and crypto games.
Axie Infinity introduces new updates to its ecosystem, including Experience Points and Part Evolution.
Square Enix, the creator of Final Fantasy, collaborates with Animoca to develop an Ethereum-based NFT game.
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This article is for industry research and communication purposes only and does not constitute investment advice. The market carries risks, and investment should be approached with caution.
About Footprint Analytics
Footprint Analytics is a blockchain data solutions provider. Leveraging cutting-edge artificial intelligence technology, it offers the first no-code data analytics platform and unified data API for the crypto field, enabling users to quickly retrieve NFT, game, and wallet address fund flow tracking data from over 30 blockchain ecosystems.
Product Highlights:
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Tags:
DeFi, GameFi, Social, Metaverse
Blockchain
Note: The opinions expressed in this article are solely those of the author and do not constitute investment advice.
Original article link: [https://www.bitpush.news/articles/6714227](https://www.bitpush.news/articles/6714227)