Author: stella@footprint.network
Data Source: GameFi Research Page
In April 2024, the Web3 gaming sector experienced significant volatility following the record-breaking performance in March. Bitcoin saw a 10.4% monthly decline from its historical high, while the market value of blockchain gaming tokens also dropped by 30.5%. However, amidst these market challenges, the daily active users (wallets) surged to a historic high of 3 million, highlighting the sustained growth in user engagement.
The data in this report is from the Web3 Gaming Research Page by Footprint Analytics. It is an easy-to-use dashboard containing the most important statistical data and indicators for understanding the Web3 gaming industry, and it is updated in real time.
Macro Market Review
In April 2024, Bitcoin experienced a decline after reaching a historic high of $73,068 in March. Starting from $71,229 on April 1st, it fell to $63,839 by April 30th, marking a 10.4% decrease. Ethereum followed a similar pattern, opening at $3,643 at the beginning of the month and closing at $3,215 at the end, reflecting an 11.7% decline.
Data Source: Bitcoin and Ethereum Prices
Overall, there were several positive events in the industry in April. On April 20th, Bitcoin successfully underwent its halving. A proposal for stablecoin regulation was introduced by U.S. senators, indicating a potentially clearer regulatory environment. Additionally, the former CEO of Binance, Zhao Changpeng, was sentenced to four months in prison for anti-money laundering violations, marking the conclusion of the "Binance Incident" and signaling a clearer regulatory direction for the centralized exchange industry.
Despite months of consecutive growth, Bitcoin prices experienced a decline in April. Ethereum continued to lag behind Bitcoin, possibly due to investor uncertainty about the prospects of Ethereum ETF approval in the U.S.
This reflects a general downturn in market sentiment. Public statements from officials of the U.S. Federal Reserve indicated a decreasing likelihood of interest rate cuts, aligning with the upward trends 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 decentralized finance projects are facing regulatory challenges.
Overview of the Blockchain Gaming Market
In April, the market value of blockchain gaming tokens dropped to $16.6 billion, representing a 30.5% decrease. This trend was largely influenced by the overall trend in the cryptocurrency market and the performance of Bitcoin.
Data Source: Blockchain Game and Bitcoin Market Value
The average daily transaction volume of blockchain games reached 8.6 million, a 16.7% decrease from March, and significantly lower than the peak of approximately 25 million transactions in the third quarter of 2022.
Data Source: Daily Transaction Volume of Blockchain Games
However, the average daily active users (wallets/players) in April reached 3 million, a 16.9% increase from March, setting a new historical high.
Data Source: Daily Active Users of Blockchain Games
Public Chains for Blockchain Games
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.
Data Source: Daily Active Users of Blockchain Games on Various Public Chains
(Author's 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 are leading the pack. Ronin continues to lead, with its market share increasing from 25.9% at the beginning of the month to 29.2% at the end. Near also saw a significant increase in market share, rising from 6.4% to 11.3%, while Klaytn saw its market share increase from 2.9% to 6.2%.
In contrast, the market share of BNB Chain decreased from 9.1% to 7.4%. Additionally, due to the conclusion of the Web3 game activity "LineaPark" in April, Linea's market share plummeted from 7.8% to 0.15%.
Data Source: Daily Active Users of Blockchain Games on Various 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 fray. Immutable announced the launch of a $50 million Web3 gaming reward program and revealed that its ecosystem is currently focused 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 in active status. Among these active games, 261 games attracted over 1,000 monthly users, accounting for 8.4%.
Data Source: Monthly Active Games
These trends have persisted for some time. There is a general expectation for the number of popular Web3 games to further increase. However, for game studios, developing high-quality games is a time-consuming process. Additionally, they face a significant challenge in bridging the gap between partially on-chain and fully on-chain games. Creating ideal fully on-chain games requires seamless integration of on-chain elements with the rich user experience found in traditional games.
Despite the challenges, some games performed well in April.
On their respective platforms, some 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.
Additionally, Another World on Klaytn became 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 daily user count of less than 50. This surge in popularity helped increase Klaytn's active user share from 2.9% to 6.2%.
Investment and Financing in Blockchain Gaming
In April, the blockchain gaming industry saw a total of 17 financing activities, with a total investment amount of $78.7 million, a 47.9% decrease from the investment amount in March.
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 investment from prominent cryptocurrency and gaming investors, including Spartan, Animoca Brands, Binance Labs, and IOSG Ventures.
NFT game Puffverse received a $3 million investment 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 release its Beta version after an $8 million token sale.
NFT card game Parallel is set to launch on the Epic Games Store.
AltLayer collaborates with Xterio Games to launch a game-centric Restaked Rollup.
Sui gaming handheld targets the Steam Deck, running PC and crypto games.
Axie Infinity brings new updates to its ecosystem, including Experience Points and Part Evolution.
Square Enix, creator of "Final Fantasy," partners with Animoca to develop an Ethereum-based NFT game.
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