Blockchain Gaming Investments Neared $1 Billion in April

Blockchain gaming saw investments totalling $988 million in April, the highest since January 2021. The number of daily unique active wallets also reached a record-setting 2.9 million for blockchain gaming.

DappRadar, in partnership with the Blockchain Gaming Alliance, released its April blockchain gaming report on 17 May. The banner month for the sector aligns with similar trends in the overall decentralised applications (Dapp) market.

According to the report, the recent boom can be attributed to several factors, including renewed consumer interest in digital assets within the context of gaming:

“The trend of play-to-airdrop continues to drive interest in blockchain gaming. Additionally, the current buzz in the Web3 industry centres on the proliferation of new gaming tokens.”

Among blockchain gaming platforms, Ronin’s “Pixels” led the pack in April, pushing previous market leader Polygon into second place. This shift is due to Ronin’s strong catalogue of games, including Matr1x and QORPO WORLD.

To say April was a high point for blockchain gaming might be an understatement. The first quarter of 2024 saw a total of $288 million in blockchain gaming investments. April’s investments alone more than tripled that amount, stopping just $22 million short of reaching a billion.

The report also noted that the metaverse began to show signs of positive growth in April. Among the top metaverse-related NFT collections, Mocaverse led the way with an $8.4 million trading volume, metaphorically blowing the competition away. The next closest by trading volume was Farmland by Pixels, with $1.48 million. Otherdeed by Otherside also surpassed the million-dollar mark, with $1.02 million in trading volume.

“Despite facing significant challenges, including the industry-wide impact of 20,000 layoffs, the blockchain gaming sector is showing strong signs of resurgence and growth,” DappRadar stated. 

It was also noted that recent actions by major players in the gaming industry, such as Ubisoft and Square Enix, may indicate significant potential for the sector. Blockchain gaming has received a significant boost this April,” wrote the report’s authors, concluding that the sector has “been rejuvenated and seems ready to capitalise on new technologies and innovations.”