Blockchain Game Industry January 2025 Report: Market Performance Weak, Platform Competition Intensifies

In January 2025, despite the overall cryptocurrency market remaining strong, the blockchain gaming sector faced challenges. The total market capitalization of gaming tokens fell by 19.3% to $22.3 billion, and on-chain activity metrics also performed poorly, with monthly transaction counts decreasing by 7.2% to 550 million transactions, and trading volume reducing by 12.4% to $230 million.

! January 2025 Blockchain Game Research Report: Market Indicators Decline, Platform Competition Intensifies

Macroeconomic Market Overview

The price of Bitcoin rose from $94,577 to $102,180, an increase of 8.0%. In contrast, Ethereum performed poorly, falling from $3,353 to $3,292, a decrease of 1.8%, with the ETH/BTC ratio hitting a new low since September 2024.

Several important policy developments have had a significant impact on the cryptocurrency market. An administrative order on cryptocurrency regulation issued by a certain government has provided clear guidance for the industry, particularly emphasizing the protection of self-custody rights and supporting the development of stablecoins. However, remarks at the end of the month regarding international trade tariffs have raised concerns about global economic growth, leading to a cooling of market sentiment.

A token launched by a political family on Solana has triggered a sharp fluctuation in the Memecoin sector, diverting market attention and funds from other cryptocurrency sectors, including the Blockchain gaming field.

Breakthrough advancements in the field of artificial intelligence have also impacted market dynamics, accelerating the focus on decentralized AI infrastructure within the crypto ecosystem, with AI-related tokens experiencing a rise this month.

Blockchain Game Market Overview

In January, the number of active Blockchain games was 1,697, a slight increase of 1.4% compared to December. In terms of game distribution, the BNB chain ( accounted for 24.2% ), Polygon ( accounted for 15.6% ), and Ethereum ( accounted for 13.1% ), maintaining a leading position.

Transaction activities show a clear concentration trend, with three chains dominating: WAX leads with 180 million transactions, accounting for 32.4% of all gaming activities; a certain Layer 2 solution ranks second with 87.2 million transactions, holding a 15.9% share; Aptos recorded 37.5 million transactions, with a 16.8% share. These three chains together accounted for over 55% of all gaming transaction counts in January.

In terms of trading volume, Aptos ranks first with a transaction amount of $51.9 million ( and a share of 22.1% ), followed by Ronin with a transaction amount of $49.5 million ( and a share of 21.1% ). Immutable X ranks third with a transaction amount of $19 million ( and a share of 18.1% ).

Competition among various chains to attract developers is intensifying, with many launching aggressive incentive programs. A certain fund and an investment company's multi-million dollar fund are targeting the intersection of Web3 gaming and AI, reflecting the market's growing interest in AI-enhanced gaming experiences. Meanwhile, Ronin Network's $10 million grant program is expanding beyond gaming to include consumer applications and DeFi protocols, aiming to create a more comprehensive ecosystem.

Social Platform Trends

A certain social platform foundation announced that it has obtained exclusive authorization for the blockchain infrastructure of the platform, marking an important turning point for the ecosystem. This exclusive collaboration requires all applications based on the platform to migrate to the designated blockchain within 30 days, putting pressure on projects built on other chains.

Another social platform has launched Mini Dapps and a Dapp Portal through its subsidiary, reflecting the emerging competitive landscape in the gaming sector of social platforms. The first batch plans to release 32 Mini Dapps, showcasing a more controllable, ecosystem-oriented approach.

These platform-level changes, combined with the decline in market indicators, indicate that the Web3 gaming sector is entering a consolidation phase, where platform integration and user experience may take precedence over token economics.

Investment and Financing Situation

In January 2025, the investment activity in Web3 games continued its downward trend, with six financing events raising a total of $31.2 million. Pixion Games raised $4 million in a strategic funding round, and its flagship game Fableborne combines ARPG mechanics with strategic base-building elements. Other notable gaming financing events include Drift Zone, BeraTone, and Nakamoto Games.

Infrastructure development remains a key focus for investors. ZKcandy has raised $4 million for its game-specific Layer 2 chain based on ZKsync. Hyve Labs has raised $2.75 million to develop its core infrastructure, including launching a testnet chain, the first game, and other on-chain assets.

Overall, the blockchain gaming industry is showing weak market performance and intensified platform competition in January 2025, and future development still needs close attention.