Impressive $988M in Investments Fuels Blockchain Gaming Growth

DappRadar April Gaming report with the BGA
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DappRadar Games Report for April 2024, powered by the Blockchain Game Alliance

In a landscape defined by remarkable growth, the blockchain gaming market has seen a resurgence, buoyed by an impressive $988 million in investments. This report illuminates the industry’s current state, underscored by a record-setting 2.9 million daily unique active wallets engaging with gaming dapps. With substantial financial backing breathing new life into the sector, we stand at the precipice of what could mark the next major wave of adoption in blockchain technology.

Key Takeaways 

  • Blockchain gaming hit an average of 2.9 million daily unique active wallets (dUAW), commanding 28% of April’s total dapp industry activity.
  • Ronin became the leading blockchain ecosystem for gaming activity with 792,230 dUAW.
  • Pixels has become the most used gaming dapp, surpassing 20 million monthly UAW.
  • Mocaverse had the highest volume as a metaverse NFT collection, with over $8 million in trading volume. 
  • Web3 gaming investments hit a new peak of $988 million, the highest since January 2021.

Table of Contents 

  1. Blockchain gaming overview 
  2. April gaming leaders
  3. Mocaverse leads metaverse trade
  4. $988 million invested in Web3 gaming
  5. Closing words

1. Blockchain gaming overview

In the latest April Dapp Industry Report, it was revealed that the dapp industry reached a new milestone with 10.6 million daily unique active wallets (dUAW) engaging with blockchain applications, maintaining gaming as the most active product category. Gaming dapps were interacted with by 28% of all active wallets, witnessing a 17% increase from the previous month to 2.9 million dUAW.

While its dominance is not yet at its all-time high for the games industry, the 2.9 million daily active wallets is a record high. 

Web3 industry dominance by UAW

The trend of play-to-airdrop continues to drive interest in blockchain gaming. Additionally, the current buzz in the Web3 industry centers on the proliferation of new gaming tokens. With market conditions improving, several developers have launched tokens this year, including MAVIA, QORPO, and BAWK, with more anticipated soon, such as MOCA, MOJO, and NYAN.

Aside from tokens, the gaming landscape is vibrant with upcoming releases and ongoing campaigns.

Focusing on blockchain platforms, Ronin has emerged as the most active due to the popularity of Pixels, the top game by unique active wallets this month. Polygon, previously in the lead, now follows in second place with top games like Matr1x and QORPO WORLD. It’s important to note that the play-to-airdrop campaigns are often not fueled by gameplay, but by engagement campaigns through onchain and social media activity. 

activity of the top gaming blockchains

Klaytn has shown exceptional performance, led by Another World, a metaverse project that integrates interactive lifestyle platforms with reality-connected content and exclusive gaming experiences.

Solana also reported strong performance. Despite the shutdown of the PvP game Eternal Dragons, the excitement continues with Mirror World’s launch of the first gaming rollup chain on Solana, featuring the Sonic SVM compute engine.

Lastly, Flow has been highlighted in a recent Venture Beat interview with Nicolas Pouard from Ubisoft, as it is among the few chains they are working with. While blockchain gaming seeks a broader audience, Ubisoft is deepening its blockchain ventures, forming new partnerships and licensing its intellectual property to Web3 gaming companies.

This summary offers a glimpse into the dynamic developments within this month’s gaming sector across various blockchains. Let’s now delve deeper into the top games and other new developments in Web3 gaming.

2. April gaming leaders

April has seen significant shifts and developments in the Web3 gaming arena, reflecting the dynamism inherent to this sector. Our tracking of the most active games by Unique Active Wallets (UAW) indicates varied performance across popular titles, but also highlights substantial player engagement.

Leading the charge, Pixels remains a dominant force with 20 million monthly UAW. Following far behind, Sweat Economy and StarryNift recorded counts of 5.4 million and 5 million UAW respectively. Other notable games like Another World, motoDEX, and Alien Worlds also showcased strong player bases, illustrating the robust diversity within the Web3 gaming ecosystem.

Other key developments in the gaming scene

Splinterlands has unveiled significant alterations to its league system and reward generation, with these changes implemented starting 2 April 2024. After experiencing a decline in its market share, these updates are part of Splinterlands’ strategy to enhance the experience for new players and retain current ones. Whether these adjustments will translate into increased player numbers remains a point of interest.

Voxie Tactics announced a significant transition to the Unity engine, with a re-launch scheduled for 29 April. Accompanied by a new website, a celebratory launch stream, and a refresh of their social media branding, the game has already observed record high daily active users in anticipation of the update. This overhaul aims to improve graphical and sound quality, simplify development, and potentially reinvigorate the game’s presence in the strategy game market.

Illuvium is gearing up for a major milestone with its open beta set for this summer, preceded by a private beta in May. The sign-ups for the beta commenced in the last two weeks of April. This iteration promises to integrate the full gameplay loop and unify the Illuvium Overworld with other applications in the franchise. Enhancements include the introduction of the Immutable Passport, asset minting, and trading on the Illuvidex, aimed at enhancing player engagement and investment. Participants in this beta phase will be eligible for ILV token airdrops, adding an extra layer of incentive to join.

These pivotal updates underline the relentless pace of innovation and adaptation in the Web3 gaming sector. As we continue to monitor these developments, the coming months are poised to bring even more exciting game launches and updates.

3. Mocaverse leads metaverse trade

After a period of waning interest, the metaverse in 2024 has begun to captivate attention once again. For this reason we decided to shift our attention to the top metaverse NFT collections by trading volume and dive into their developments. 

Top metaverse NFT collections

Mocaverse by Animoca Brands

Animoca Brands has been actively expanding the Mocaverse, enhancing user engagement through a variety of missions that leverage partnerships with entities like Nine Chronicles,, and Kucoin. This initiative allows users with a Moca ID to earn Realm Points, redeemable for various rewards. Furthermore, reservations for their upcoming MOCA token sale are now open, indicating strong ongoing growth and potential within their ecosystem.

Otherside by Yuga Labs and Improbable

A significant development in the Otherside space is the partnership between Yuga Labs and Improbable to develop Otherside, which will now migrate to Msquared—Improbable’s network of interconnected metaverses. This collaboration aims to enhance Otherside with new events, a massive multiplayer event set for July, and a World Builder ODK, empowering creators with advanced tools to develop within the Otherside Metaverse.

The Sandbox

The Sandbox has announced its transition to mobile platforms, expanding its reach and accessibility. This move is part of a broader strategy to engage more creators and provide them with tools to craft their own experiences and monetize their creations. This year, The Sandbox is set to launch over 50 new collections and introduce new gameplay mechanics like farming and tower defense, which will enhance both user engagement and the platform’s creative possibilities

These developments are reflective of a vibrant and evolving metaverse landscape, promising a year of renewed interest and technological advancements.

4. $988 million invested in Web3 gaming

The first quarter of 2024 was marked by a palpable optimism within the Web3 industry, though investments in Web3 gaming maintained a more cautious approach with a total of $288 million, reflecting typical behaviors in economic cycles. However, the beginning of the second quarter of 2024 signaled a notable shift in the investment landscape, with April witnessing an unprecedented influx of capital into the blockchain sector—$988 million, setting a new record since January 2021.

Investments in Web3 gaming projects and blockchain gaming, metaverse

This significant investment surge in April has already exceeded the entire second quarter of 2023, which was the best-performing period of that year with $973 million. A deeper analysis of the investment distribution shows that a dominant 89% of the funds were channeled towards investment firms, while 7% supported infrastructure and 5% were directed towards Web3 games.

A major highlight of this investment wave is the announcement by a16z, a renowned venture capital firm. a16z has launched a substantial $600 million games fund as part of a larger $7.2 billion fundraising effort spearheaded by industry veterans Marc Andressen and Ben Horowitz. This new fund is a continuation of their commitment to the gaming sector, totaling $1.2 billion dedicated solely to gaming ventures since their initial $600 million raised in May 2022.

Additionally, Bitkraft Ventures, another prominent player in the venture capital scene, has successfully raised $275 million for its third fund. This fund is specifically aimed at early-stage investments in gaming and interactive media companies, signaling strong continued interest in these sectors.

This influx of capital comes at a critical time for the gaming industry, which has experienced considerable turbulence, including 20,000 layoffs over the past eighteen months. These investments not only highlight the enduring faith in the growth potential of Web3 and gaming technologies but also underscore the vital role of venture capital in stabilizing and stimulating the industry during challenging times.

5. Closing words

Despite facing significant challenges, including the industry-wide impact of 20,000 layoffs, the blockchain gaming sector is showing strong signs of resurgence and growth. 

As highlighted in this report, the record high of 2.9 million daily unique active wallets in April 2024 underscores the increasing user engagement and the pivotal role of gaming in the Web3 ecosystem. This activity suggests that gaming could be at the forefront of the next wave of adoption in blockchain technology.

Additionally, the strategic moves by major players like Ubisoft, which is actively expanding into Web3 gaming, further indicate a robust future for this sector. Place these developments alongside the $988 million capital injection, and one may conclude that blockchain gaming has received a significant boost this April. Blockchain gaming has been rejuvenated  and seems ready to capitalize on new technologies and innovations.

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