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

In January 2025, despite the overall strong performance of the cryptocurrency market, the blockchain gaming sector is facing challenges. The market capitalization of gaming tokens fell by 19.3% to $22.3 billion, and on-chain activity also showed signs of weakness. This month's market focus is mainly on the social platform sector, with TON obtaining exclusive authorization for the blockchain infrastructure of a certain instant messaging application, while a certain social application launched a Mini Dapps ecosystem.

Macroeconomic Market Overview

The price of Bitcoin rose from $94,577 to $102,180, an increase of 8.0%. Ethereum performed relatively weakly, dropping 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 significantly influenced the trends in the cryptocurrency market. The executive order on cryptocurrency regulation issued by the U.S. government has provided unprecedented clarity 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 family of a certain political figure launched a token on a certain public Blockchain, triggering significant volatility in the Memecoin sector. This wave of speculative frenzy significantly diverted market attention and funds from other crypto sectors, including the Blockchain gaming field.

Breakthrough advancements in the field of artificial intelligence have also affected market dynamics. This progress has accelerated the focus on decentralized AI infrastructure within the crypto ecosystem, and AI-related tokens have seen an increase this month.

Blockchain Game Market Overview

In January, the Web3 gaming sector faced resistance. The market capitalization of blockchain gaming tokens dropped from $27.6 billion to $22.3 billion, a decrease of 19.3%. On-chain activity metrics also showed weakness, with monthly transaction counts falling by 7.2% to 550 million transactions and transaction volume declining by 12.4% to $230 million.

A certain Blockchain foundation announced on January 21 that it has obtained exclusive authorization for the blockchain infrastructure of a certain instant messaging application, marking an important turning point for the ecosystem. This exclusive cooperation requires all projects based on the application to migrate to the designated chain within 30 days, putting pressure on projects built on other chains. Although the foundation will provide incentives for early adopters who complete the blockchain migration before February 21, it has indeed brought significant technical and community challenges to the affected gaming projects.

On the day following the above announcement, a certain social application launched Mini Dapps and Dapp Portal, reflecting the emerging competitive landscape in the social platform gaming sector. The first batch plans to launch 32 Mini Dapps, showcasing a more controllable, ecosystem-oriented approach compared to the relatively open development environments of other platforms.

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. The approaches of major social platforms could significantly impact how blockchain gaming projects manage user acquisition and retention strategies in 2025.

Blockchain Game Public Chain Overview

In January 2025, the number of active blockchain games reached 1,697, a slight increase of 1.4% compared to December. Traditional market leaders maintained their position in game distribution: a certain public chain (24.2%), another public chain (15.6%), and Ethereum (13.1%). However, this stability in game distribution stands in stark contrast to the significant changes in on-chain activity.

The trading activity shows a clear concentration trend, with three chains dominating. A certain public chain leads with 180 million transactions, accounting for 32.4% of all game activities. Another public chain ranks second with 87.2 million transactions, holding a 15.9% share, while Aptos recorded 37.5 million transactions, representing a 16.8% share. These three chains together accounted for over 55% of all game transaction numbers in January.

In terms of trading volume, Aptos ranks first with a transaction amount of 51.9 million USD (22.1% share ), followed by Ronin with a transaction amount of 49.5 million USD (21.1% share ). A certain public Blockchain ranks third with a transaction amount of 19 million USD (8.1% share ).

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

Blockchain Game Investment and Financing Situation

In January 2025, Web3 gaming investment activities continued to decline, with 6 financing events raising a total of $31.2 million. The decrease in financing activities reflects broader market dynamics. The surge in speculative activities has significantly diverted market attention and funds away from other crypto sectors, including the Blockchain gaming field.

Pixion Games is leading this month's financing activities, raising $4 million in a strategic round of financing led by a certain investment institution, with participation from multiple organizations. The studio's flagship game Fableborne combines ARPG mechanics with strategic base-building elements. The game's success on a certain blockchain is particularly noteworthy. Other notable game financing events include Drift Zone, BeraTone, and Nakamoto Games.

Infrastructure development remains a key focus for investors, with two significant financing rounds: ZKcandy raised $4 million for its game-specific Layer 2 chain based on a certain blockchain after successfully completing the open testnet phase. Additionally, Hyve Labs raised $2.75 million for the development of its core infrastructure, such as launching the testnet chain, its first game, and other on-chain assets.