Blockchain Game Market January Review: Indicators Decline, Ecological Competition Intensifies

In January 2025, despite the overall strong performance of the cryptocurrency market, the blockchain gaming sector showed signs of weakness. The total market value of gaming tokens fell by 19.3% to $22.3 billion, and on-chain activity also significantly decreased. Meanwhile, competition among social platforms in the Web3 gaming field is becoming increasingly fierce, bringing new variables to the industry landscape.

Macroeconomic Market Overview

In January, the price of Bitcoin rose from $94,577 to $102,180, an increase of 8.0%. In contrast, Ethereum underperformed, falling from $3,353 to $3,292, a decrease of 1.8%, with the ETH/BTC ratio hitting a near four-month low.

On the policy front, the newly introduced cryptocurrency regulatory directives provide 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, impacting market sentiment.

It is worth noting that the tokens launched by a certain politician's family on Solana have caused significant fluctuations in the Memecoin sector, diverting market attention and funds from other areas of cryptocurrency. At the same time, groundbreaking advancements in the field of artificial intelligence have accelerated the cryptocurrency ecosystem's focus on decentralized AI infrastructure, leading to an increase in related tokens this month.

Blockchain Game Market Overview

In January, the blockchain gaming sector faced challenges. The market capitalization of tokens dropped from $27.6 billion to $22.3 billion, a decrease of 19.3%. On-chain activity was also sluggish, with the number of monthly transactions falling by 7.2% to 550 million, and the transaction volume decreasing by 12.4% to $230 million.

The competition among social platforms in the gaming sector is intensifying. A certain instant messaging platform has granted exclusive rights to its Blockchain infrastructure, requiring all applications based on the platform to complete migration within 30 days, putting pressure on other projects on the chain. Another social platform has launched Mini Dapps and a Dapp Portal, showcasing a more controllable strategy for ecosystem development.

These platform-level changes, combined with the decline in market indicators, indicate that the Web3 gaming sector is entering a consolidation phase. Platform integration and user experience may become key focus areas for blockchain gaming projects in 2025.

Public Chain Ecosystem Analysis

In January 2025, the number of active blockchain games reached 1,697, a slight increase of 1.4% compared to the previous month. In terms of game distribution, the BNB chain ( accounted for 24.2% ), Polygon ( accounted for 15.6% ), and Ethereum ( accounted for 13.1% ), maintaining their leading positions.

However, on-chain activities show a significant concentration trend. WAX leads with 180 million transactions, accounting for 32.4%. opBNB and Aptos follow closely behind, accounting for 15.9% and 6.8%, respectively. These three chains together account for over 55% of all gaming transaction counts in January.

In terms of trading volume, Aptos ranks first with $51.9 million, accounting for 22.1%. Following closely are Ronin and Immutable X, with trading volumes of $49.5 million and $19 million, respectively.

Various public chains have launched incentive programs to attract developers. A certain foundation and an interactive company have established a fund of several million dollars, focusing on the intersection of Web3 gaming and AI. Another network has introduced a $10 million grant program covering gaming, consumer applications, and DeFi protocols, aiming to build a comprehensive ecosystem.

Investment and Financing Situation

In January 2025, investment activities in Web3 games continued to decline, with only 6 financing events that raised a total of $31.2 million. This trend reflects broader market dynamics, as a surge in speculative activities has diverted attention from the Blockchain gaming sector.

Pixion Games raised $4 million in a strategic round of financing, led by a well-known venture capital firm, with participation from several other prominent institutions. Its flagship game, Fableborne, combines ARPG mechanics with strategic base-building elements, performing outstandingly on a certain network.

Infrastructure development remains an investment hotspot. ZKcandy raised $4 million for its game-specific Layer 2 chain based on ZKsync. Hyve Labs raised $2.75 million for developing core infrastructure, including testnet chains and the first game.

Overall, the January Blockchain game market presents a complex situation. Although market indicators have declined, the addition of social platforms and the continuous development of infrastructure indicate that the industry may enter a new stage of development.