Blockchain Game Industry January 2025 Report: Market Indicators Decline, Competition Among Platforms Intensifies

Macro Market Overview

In January 2025, the cryptocurrency market showed a differentiated trend. The price of Bitcoin rose from $94,577 to $102,180, an increase of 8.0%. However, Ethereum performed poorly, falling from $3,353 to $3,292, a decrease of 1.8%, and the ETH/BTC ratio hit a new low since September 2024.

Several important policy developments have significantly impacted the cryptocurrency market. The regulatory executive order on cryptocurrencies issued by the 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 certain political family's token launched on Solana has triggered a significant fluctuation in the Memecoin sector, diverting market attention and funds away from other areas of cryptocurrency.

Breakthrough advancements in the field of artificial intelligence have also influenced market dynamics, accelerating attention to decentralized AI infrastructure within the cryptocurrency ecosystem, with AI-related tokens experiencing an increase this month.

Blockchain Game Market Overview

Despite the overall strength of the cryptocurrency market, the Web3 gaming sector is facing resistance. The market capitalization of blockchain gaming tokens has dropped from $27.6 billion to $22.3 billion, a decrease of 19.3%. On-chain activity indicators are also showing weakness, with monthly transaction counts down 7.2% to 550 million transactions and trading volume down 12.4% to $230 million.

A certain foundation announced on January 21 that it has obtained exclusive authorization for the blockchain infrastructure of a certain social 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.

The next day, another social platform launched Mini Dapps and Dapp Portal, reflecting the emerging competitive landscape in the social platform gaming sector. The first batch is planned to include 32 Mini Dapps, showcasing a more controllable, ecosystem-oriented approach.

These platform-level changes, along 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 approach of social platforms may significantly influence how blockchain gaming projects handle 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: BNB Chain ( 24.2% ), Polygon ( 15.6% ), and Ethereum ( 13.1% ).

Trading activities show a clear concentration trend, with three chains dominating. WAX leads with 180 million transactions, accounting for 32.4% of all gaming activities. opBNB ranks second with 87.2 million transactions, holding a 15.9% share, while 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 a transaction volume of $51.9 million ( and a share of 22.1% ), followed closely by Ronin with a transaction volume of $49.5 million ( and a share of 21.1% ). Immutable X ranks third with a transaction volume of $19 million ( and a share of 18.1% ).

The competition among various chains to attract developers has intensified, with many launching aggressive incentive programs. A certain foundation and organization have set up a multimillion-dollar fund aimed at the intersection of Web3 gaming and AI, reflecting the growing market interest in AI-enhanced gaming experiences. Meanwhile, a certain network's $10 million grant program has expanded beyond the gaming sector to consumer applications and DeFi protocols, aiming to create a more comprehensive ecosystem.

Blockchain Game Investment and Financing Situation

In January 2025, investment activities in Web3 games continued their downward trend, 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 significantly diverted market attention and funds from other crypto sectors, including the Blockchain gaming sector.

Pixion Games leads this month's fundraising activities, raising $4 million in a strategic round of financing, with participation from several well-known investment institutions. The studio's flagship game Fableborne combines ARPG mechanics with strategic base-building elements, achieving particular success on a certain network. Other notable game funding 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 ZKsync after successfully completing the open testnet phase. Additionally, Hyve Labs raised $2.75 million for the development of its core infrastructure, including the launch of the testnet chain, the first game, and other on-chain assets.