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

In January 2025, despite the strong overall performance of the crypto market, the gaming sector's market value fell by 19.3% to $22.3 billion. This month's market focus is primarily on the social platform sector, with some important platform developments attracting widespread attention in the industry.

Macroeconomic Market Overview

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

Several major policy developments have had a significant impact on the crypto market. The executive order on cryptocurrency regulation issued by the U.S. government provides unprecedented clarity for the industry, particularly emphasizing the protection of self-custody rights and supporting the development of stablecoins. However, comments at the end of the month regarding international trade tariffs raised concerns about global economic growth, leading to a cooling of market sentiment.

Some new tokens launched on Solana have triggered significant fluctuations in the Memecoin sector. This wave of speculation has notably diverted market attention and funds from other crypto sectors, including the Blockchain gaming field.

The latest advancements in the field of artificial intelligence have also influenced market dynamics. This development has accelerated the focus on decentralized AI infrastructure within the cryptocurrency ecosystem, with AI-related tokens experiencing an increase this month.

Blockchain Game Market Overview

In January, the Web3 gaming sector faced challenges. The market capitalization of blockchain game tokens decreased from $27.6 billion to $22.3 billion, a decline of 19.3%. On-chain activity metrics also showed weakness, with monthly transaction counts dropping 7.2% to 550 million transactions and transaction volume down 12.4% to $230 million.

A blockchain foundation announced on January 21 that it has obtained exclusive authorization for the blockchain infrastructure of a well-known 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. Although the foundation will provide incentives for early adopters who complete the blockchain migration before February 21, it has indeed posed substantial technical and community challenges for the affected gaming projects.

The next day, another social platform launched Mini Dapps and Dapp Portal, reflecting the emerging competitive landscape in the social platform gaming sector. The platform plans to initially launch 32 Mini Dapps, demonstrating a more controlled, ecosystem-oriented approach compared to the relatively open development environment of the former.

These platform-level changes, coupled 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 different strategies of major 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 was 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% ). However, this stability in game distribution stands in sharp contrast to the significant changes in on-chain activity.

The trading activity shows a significant 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. Together, these three chains accounted for over 55% of all gaming transactions in January.

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

Competition among various chains to attract developers is intensifying, with many launching aggressive incentive programs. Several institutions have launched multimillion-dollar funds targeting 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 not only extends to the gaming sector but also to consumer applications and DeFi protocols, aiming to create a more comprehensive ecosystem.

Blockchain Game Investment and Financing Situation

In January 2025, Web3 game investment activities continued a 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 has significantly diverted market attention and funds away from other crypto sectors, including the Blockchain gaming space.

Pixion Games leads this month's financing activities, raising $4 million in a strategic round led by Delphi Ventures, with participation from several well-known institutions. The studio's flagship game, Fableborne, combines ARPG mechanics with strategic base-building elements. The game's success on a certain platform 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 financings: 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 to develop its core infrastructure, including launching the testnet chain, the first game, and other on-chain assets.