Blockchain Game Market November 2024 Review: Development and Challenges Driven by the Bull Run

In November 2024, the Web3 gaming industry demonstrated significant growth against the backdrop of a strong surge in the cryptocurrency market, but still faces challenges in mass adoption. Bitcoin's price approached the $100,000 mark, driving the gaming sector's market value up by 79.1% to $35.1 billion. Despite key metrics showing promising results, with daily active users reaching 5.5 million, the industry still faces some issues in blockchain integration and widespread application.

Cryptocurrency Market Overview

In November, the cryptocurrency market hit a historic high, with Bitcoin soaring from $69,386 to $96,427, an increase of 39.0%. Ethereum followed closely, rising 47.8% to $3,711. Bitcoin performed exceptionally well, surpassing silver and Saudi Aramco in market capitalization, firmly securing the seventh position among global assets.

The results of the US elections have become a catalyst for growth in the crypto market, potentially impacting future cryptocurrency legislation and regulation. The market has reacted positively, especially reflected in the performance of popular sectors such as memecoins, decentralized AI projects, and decentralized science.

Blockchain Game Market Analysis

In November, the market value of blockchain gaming tokens surged from $19.6 billion to $35.1 billion, with an average daily trading volume increasing by 79.4% to $11.9 million. Daily active users reached a record high of 5.5 million, a 15.7% increase compared to October, mainly benefiting from the performance of opBNB and the Ronin ecosystem.

However, the trading indicators show complexity. Although the average daily trading volume increased by 3.3% to 15.3 million transactions, the average daily trading volume per user decreased from 3.131 to 2.810, indicating a decline in the usage intensity of blockchain features by new users.

Some game projects like Off The Grid have adopted a more subtle approach to Blockchain integration, positioning themselves as traditional games with optional Blockchain elements, rather than "NFT games." This strategy aims to lower the barriers to entry for users, but it also raises questions about the role of Blockchain in gaming.

The entire blockchain gaming sector still faces technical challenges, as existing infrastructure struggles to meet the demands of real-time gameplay and high throughput. Despite the emergence of Layer 2 solutions and dedicated gaming public chains, the gap between traditional gaming performance and blockchain capabilities continues to affect development strategies.

Blockchain Game Public Chain Development

In November, the number of active games reached 1,696, an increase of 4.6%. BNB Chain, Polygon, and Ethereum remain the market leaders, with shares of 20.9%, 15.4%, and 13.4%, respectively.

opBNB continues to maintain its growth momentum, with daily active users increasing by 46.1% compared to October. Ronin has shown a significant recovery, with daily active users doubling from 600,000 to 1.2 million. In contrast, the TON gaming ecosystem faces challenges, with daily active users declining by 41.9% to 116,400.

Sui's performance is quite remarkable, with an average daily active user count of 233,300 in November, an increase of 23.1%, primarily due to the contribution of the Telegram game BIRDS.

Within the industry, more participants are beginning to engage in the construction of Blockchain game infrastructure. Yield Guild Games has launched Studio Chain, and B3 has introduced an open gaming layer and Prime Chain, providing new possibilities for future game development.

Blockchain Game Overview

As of the end of November, there are a total of 3,602 blockchain games in the industry, of which 1,361 remain active. 298 games have attracted more than 1,000 monthly active users, accounting for 21.9% of active games.

On the Telegram gaming platform, there is a significant gap between user engagement and blockchain participation. For example, Hamster Kombat has 26.16 million monthly active users on Telegram, but only 736 on-chain users. Even for the highest conversion rate MemeFi, its on-chain participation rate is only 7.96%.

Despite these challenges, the success of the Telegram gaming ecosystem is driving other social media platforms to follow suit. Line plans to launch 150 mini dApps by the end of the first quarter of 2025, mainly focusing on gaming applications.

At the same time, the Solana-based project Sonic X has integrated over 1 million KYC-verified users through TikTok, demonstrating the potential of social platforms as an entry point for Web3 games.

Investment and Financing Situation

In November, Web3 games secured 18 funding rounds, totaling $73.6 million. Although the number of events increased, the total amount decreased by 22.3% compared to October.

Monkey Tilt leads the way with $30 million in Series A funding, led by Pantera Capital. The platform combines gaming, entertainment, and gambling features, achieving a monthly betting volume of $200 million since its launch in March.

Animoca Brands added an investment of $10 million to Mocaverse to support the development of interoperable infrastructure and promote mainstream cryptocurrency adoption.

Overall, the Web3 gaming industry has made significant progress under the support of the bull run, but still faces challenges in technology integration and user adoption. With the emergence of more innovative solutions and infrastructure, the industry is expected to achieve broader applications and development in the future.