Blockchain Game Market Review January 2025: Metrics Decline, Platform Competition Intensifies

In January 2025, despite the overall strong performance of the cryptocurrency market, the blockchain gaming sector faced challenges. The market capitalization of gaming tokens decreased from $27.6 billion to $22.3 billion, a decline of 19.3%. On-chain activity also showed signs of weakness, with monthly transaction counts dropping 7.2% to 550 million transactions, and trading volume decreasing by 12.4% to $230 million.

Macroeconomic Market Overview

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

On the policy front, the newly introduced cryptocurrency regulatory directives provide clear guidance for the industry, with a particular emphasis on protecting self-custody rights and supporting the development of stablecoins. However, comments 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 politician's family has launched a token on Solana, causing significant fluctuations in the Memecoin sector and diverting market attention and funds from other crypto sectors. Meanwhile, breakthroughs in the field of artificial intelligence have accelerated the focus on decentralized AI infrastructure within the crypto ecosystem, leading to a rise in related tokens.

Competition Among Gaming Platforms Intensifies

On January 21, a certain social platform announced the exclusive rights to use its Blockchain infrastructure, requiring all applications based on the platform to complete migration within 30 days. This decision brought technical and community challenges to projects built on other chains.

The next day, another social platform launched Mini Dapps and Dapp Portal, showcasing the emerging competitive landscape in the social platform gaming sector. The first batch plans to release 32 Mini Dapps, adopting 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. Different strategies of social platforms could significantly impact user acquisition and retention strategies for blockchain gaming projects in 2025.

Public Chain Games Distribution and Activities

In January 2025, the number of active Blockchain games reached 1,697, a slight increase of 1.4% compared to the previous month. BNB Chain (24.2%), Polygon (15.6%), and Ethereum (13.1%) maintain their leading positions in game distribution.

The trading activity shows a clear concentration trend, with three chains dominating: WAX leads with 180 million transactions, accounting for 32.4% share (, opBNB ranks second with 87.2 million transactions, holding 15.9% share ), and Aptos recorded 37.5 million transactions, with a 16.8% share (. These three chains together accounted for over 55% of all gaming transactions in January.

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

Various chains are competing to launch incentive programs to attract developers. A certain foundation's multimillion-dollar fund targets the intersection of Web3 gaming and AI, reflecting the market's focus on AI-enhanced gaming experiences. At the same time, a certain network's $10 million grant program is expanding to consumer applications and DeFi protocols, aiming to build a comprehensive ecosystem.

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Investment and Financing Situation

In January 2025, Web3 game investment activities continued to decline, with six financing events raising a total of $31.2 million. Pixion Games raised $4 million in a strategic round of financing, with its flagship game Fableborne combining ARPG mechanics with strategic base building elements. Other noteworthy game financings include Drift Zone, BeraTone, and Nakamoto Games.

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

Despite the decline in market indicators and intensified competition among platforms, the blockchain gaming industry is still actively exploring innovative directions to lay the foundation for future development.

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