Blockchain Gaming: 34% Industry Share, $145M Investments

Blockchain Gaming Report November 2023
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DappRadar x BGA Games Report #21

As we approach the year’s end, the Web3 industry is buzzing with enthusiasm, a sentiment that’s palpably mirrored in the blockchain gaming sector. In this report, we delve into the vibrant and promising metrics defining this landscape as the close of the year nears. 

Key Takeaways 

  • Blockchain gaming reached 1.2 million dUAW, commanding 34% of November’s industry activity.
  • NEAR becomes the leading blockchain ecosystem for gaming activity with 813,000 monthly UAW.
  • motoDEX is the most used gaming dapp, surpassing 1.2 million UAW in total.
  • Virtual world dapps saw a 118% rise in trading volume to $8.5 million, and a 14% increase in land sales with 12,300 transactions.
  • Web3 gaming investments reached $145 million, a 6% drop from the previous month.

Table of Contents

  1. Blockchain Gaming Overview
  2. November Gaming Leaders
  3. Metaverse Trading Up 118%, Land Sales Grow 14%
  4. $145 million Web3 gaming investments
  5. Closing words

1. Blockchain Gaming Overview 

As of November 2023, the blockchain gaming industry has showcased significant growth and sustained popularity. This dynamic sector reached an impressive milestone with 1.2 million daily unique active wallets (dUAW), marking a 14% increase from the previous month. Accounting for a substantial 34% of the entire Web3 domain, blockchain gaming solidifies its position as a crucial component of the decentralized landscape.

Industry Dominance by UAW in the Dapp Ecosystem

In terms of chain activity, NEAR has emerged as the leading blockchain, experiencing a surge in user engagement. This boost is primarily attributed to the rising popularity of the move-to-earn platform Sweat Economy and gaming hub Play Ember.

gaming blockchains activity in november

A noteworthy resurgence is observed in the Solana ecosystem, primarily fueled by the success of Star Atlas. It’s worth noting that the company, after the FTX downfall has been through a disaster period but it seems that they managed to overcome these issues and they drove in the first week of December more than $1 million. The game’s remarkable performance has propelled Solana to achieve 143,941 monthly unique active wallets (mUAW), a significant 105% increase from the previous month.

SKALE has also witnessed remarkable growth, with motoDEX leading the way. The platform’s success has resulted in SKALE reaching 111,662 mUAW, an astounding 244% growth since the previous month. Additionally, Gamifly, a platform catering to esports and sports fan engagement within the Web3 community, has gained considerable traction on SKALE.

Other prominent gaming blockchains november data, Arbitrum, Ronin, Ethereum, Klaytn and Flow

Other chains like Arbitrum have seen a rise in gaming activities, with games like Treasure and BattleFly being major contributors to this growth. Similarly, Ronin, buoyed by the launch of Pixels, experienced a staggering 392% increase in their UAW. This made Ronin the most successful gaming ecosystem in November. In recent weeks Ronin Network welcomed various new games like Apeiron and Wild Forest, suggesting more growth is coming to the ecosystem. 

The robust performance of gaming networks and games themselves across various chains highlights the vibrant and expanding landscape of blockchain gaming. Therefore it should be no surprise that gaming has become such a pivotal aspect of the Web3 ecosystem.

2. November Gaming Leaders 

The gaming landscape for November 2023, looked at by unique active wallets (UAW), shows a dynamic shift with new players stepping into the limelight.

top game dapps in november 2023

A standout newcomer, motoDEX, has forayed into our rankings this month. This blockchain game, now on both Google Play Store and the App Store, marks its first significant appearance in our listings, a testament to its growing appeal in the gaming community. MotoDEX is an arcade racing game, in which players use their characters to avoid obstacles and win races.

Sweat Economy, a consistent high-ranker in recent months, continues to invigorate the move-to-earn genre. Its successful U.S. launch in September has been a game-changer, leading to a close in November with more than 1 million UAW. The game is also a key driver behind the surge in NEAR’s UAW, as seen above.

Pixels keeps growing in UAW numbers since moving to Ronin Network. But, according to their CEO, in an X post, has posted saying “If people aren’t trying to bot your game – it’s not because they can’t – it’s because they don’t care enough to do it.” Out of its estimated 115,000 DAUWs, he reckons about 70,000, are real unique players. Pixels is best-described as a social farming simulator, where players need to complete quests, participate in activities and socialize in order to earn BERRY tokens. 

Axie Infinity, although not in the top 10 for this month, remains a significant name in the blockchain gaming sphere. In a notable move this November, they launched their first merchandise store. The store features the exclusive >Code: Axie_ Collection, celebrating the game’s roots back in 2018. The collection includes a variety of items, from clothing to collectibles, offering something unique for the Axie community.

An important update in the gaming world is Gods Unchained’s migration to Immutable Passport for their login systems. This change is crucial for the game’s future, promising a smoother experience for a growing player base.

3. Metaverse Trading Up 118%, Land Sales Grow 14%

The journey of the metaverse and virtual world economies in 2023 has been akin to a rollercoaster ride. Amidst fluctuating trends and renewed interest in the Web3 industry, including new yearly all-time highs for tokens, this sector has witnessed a resurgence. This month alone, there was an impressive 118% increase in land trading volume and a 14% uptick in land sales, signaling robust growth.

Virtual world trading volume and sales count

Our NFT metaverse rankings for the last 30 days highlight Otherdeed for Otherside leading the pack, with Mocaverse and Farm Land by Pixels following closely behind. This shows a clear demand and interest in these virtual land plots.

What’s particularly striking is Mocaverse’s ascent in the rankings. This month, they’ve forged a significant partnership with Ubisoft, aiming to support and amplify Ubisoft’s Strategic Innovation Lab’s Web3 initiatives. Mocaverse is crafting an interoperable meta experience layer across Animoca Brands’ extensive network, emphasizing Web3 identity and growth in culture and entertainment.

The introduction of the Web3 Frequent Player Program by Mocaverse is a game-changer. Holders of Moca ID can now earn Realm Points through active participation. These points can be redeemed for exclusive access to various benefits and rewards, both digital and in real life, offered by Mocaverse, Animoca Brands, and their partner networks. These first quests for Realm Points take Moca ID and Mocaverse NFT holders to the virtual world of Pixels. Aside from farming BERRY, Pixels players with a Moca ID can also earn Realm Points. 

Witnessing the relentless innovation and belief in the metaverse by pivotal Web3 entities like Animoca Brands is truly remarkable.

To put things into perspective, Gartner has listed the metaverse as one of the top ten strategic technology trends for 2024. The report underscores the metaverse’s burgeoning virtual economy, powered by digital currencies and NFTs. It predicts that over 40% of large organizations will engage in Web3, AR cloud, and digital twins for metaverse-based projects by 2027.

4. $145 million Web3 gaming investments

November has been a particularly prosperous month for blockchain gaming, not only in terms of on-chain activity but also in investment inflows. The industry has witnessed an infusion of $145 million in investments, a bullish sign especially considering the year-end is typically a less active period for such investments.

blockchain gaming projects investments

The majority of this month’s funding has come from investment firms, strategically targeting new Web3 gaming startups and existing blockchain gaming ventures. This indicates a growing confidence in the potential of blockchain gaming.

where the web3 investments again

Two major investments have been pivotal in shaping the investment landscape for November:

  1. Transcend, a gaming-focused venture, has successfully raised nearly $60 million for its second early-stage fund. This fund, with plans to lead in the deals it undertakes, has already invested in notable video game studios like Thatgamecompany and Gardens. Transcend’s investment signifies a strong belief in the future of gaming and blockchain’s role in it.
  1. GFR Fund has gathered $53.5 million for its third fund, aimed at shaping the future of gaming, entertainment, and consumer technology. The fund’s investment strategy is meticulously structured: approximately one-third is allocated to gaming content and technology companies, another third to emerging entertainment firms (including those involved in generative AI), and the remaining portion to consumer tech ventures.

These investments not only highlight the diverse areas of interest within the blockchain gaming sector but also reflect the increasing attention and capital being directed towards this rapidly evolving industry.

5. Closing words

November 2023 in the blockchain gaming industry has been marked by notable growth and evolving dynamics, through which the future remains cautiously optimistic.

The increase in unique active wallets and the entry of new games like motoDEX highlight the sector’s expansion, but they also underline the need for sustainable growth strategies. The collaboration between Mocaverse and Ubisoft, and innovations like the Immutable Passport, reflect a progressive industry, yet they also pose questions about long-term user adoption and technological integration.

The investment influx, notably in blockchain gaming startups, signals confidence in the industry’s potential. However, this optimism is tempered by the challenges of market volatility and the need for these startups to deliver tangible value and user engagement.

While the industry shows promise, especially with predictions like Gartner’s suggesting significant adoption of Web3 technologies, it’s essential to maintain a balanced perspective. The industry’s success hinges on its ability to navigate the complex interplay of technology advancements, user experience, and market trends.

In summary, the blockchain gaming industry, as of November 2023, stands at a crossroads of opportunity and challenges. The sector is growing and attracting investments, but its long-term success will depend on how it adapts to an ever-changing technological landscape and user expectations.

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