Ronin and Immutable Stand Out as Gaming Attracts 3.13 Million per Day

DappRadar Gaming report May 2024
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DappRadar Games Report for May 2024, powered by the Blockchain Game Alliance

This month, the Web3 gaming industry has continued to demonstrate remarkable resilience and growth. We’ve witnessed new milestones in daily unique active wallets (dUAW), reflecting the increasing engagement and enthusiasm within the community.

Despite a modest dip in investment compared to last month, the industry remains robust, with significant updates, partnerships, and innovations propelling us forward. As we move through Q2 2024, we’re poised to potentially close the best quarter for investments since Q1 2021, underscoring the sector’s enduring appeal and potential.

Join us as we explore the key developments, standout projects, and emerging trends that are shaping the future of blockchain gaming.

Key takeaways

  • In May, the dapp industry maintained its milestone of over 10 million daily unique active wallets (dUAW), with gaming dapps leading the category, engaging 3.13 million dUAW—a 7% increase from the previous month​, and setting a new all-time high. 
  • Ronin remained the leading blockchain ecosystem for gaming activity with 836,381 dUAW, driven by the popularity of Pixels and the launch of its second chapter.
  • Immutable’s dUAW surged by 274% in May 2024, largely due to the successful launch of Guild of Guardians, a mobile RPG with over 1 million pre-registered players and top 10 rankings on the Google Play Store and AppStore​.
  • Mocaverse remains the most popular NFT metaverse collection, achieving the highest trading volume of $6.4 million.
  • This month saw $108 million invested in Web3 gaming, down from last month’s $988 million, but this quarter is still on track to be the best since Q1 2021.

Table of contents

  1. Blockchain gaming overview
  2. May gaming leaders
  3. Mocaverse tops NFT metaverse rankings
  4. Investments low in May, but Q2 2024 shaping up nicely
  5. Closing words

1. Blockchain gaming overview

The May Dapp Industry Report revealed that the dapp industry sustained the milestone reached in April, with over 10 million daily unique active wallets (dUAW) engaging with blockchain applications. Gaming continues to be the most active product category, with gaming dapps accounting for 30% of all active wallets. This represents a 7% increase from the previous month, reaching 3.13 million dUAW.

The current gaming industry landscape is vibrant, with numerous announcements and new game token launches. The play-to-airdrop narrative remains strong, signaling a bullish period for the entire Web3 gaming community. However, what happens when the airdrop ends? Will players stick around because the game is fun? That’s the major challenge presented to the industry as a whole. 

In our analysis of gaming blockchains, Ronin remains the leader in terms of UAW. This month, Ronin saw significant activity driven by new game updates and NFT releases. Noteworthy events included the unveiling of Pixels Chapter 2, introducing skill-based gameplay and tiered rewards. Additionally, Ragnarok: Monster World announced its integration with Ronin, with its NFT collection quickly selling out. In addition, Wild Forest, a mobile RTS game, also had a successful NFT mint. Moreover, Apeiron launched its $1 million Guild Wars tournament, generating significant community interest.

daily average UAW of top gaming blockchains in May 2024

Polygon maintained its dUAW at approximately 550,000, followed by NEAR. However, the standout performer was Immutable, which experienced a remarkable 274% increase in dUAW due to several key factors. Firstly, the highly anticipated mobile RPG, Guild of Guardians, launched with great success, amassing over 1 million pre-registered players and ranking in the top 10 on on both the Google Play Store and iOS AppStore in major markets such as the US, Philippines, and Brazil. Additionally, Immutable’s Passport, an all-in-one gamer identity solution, surpassed 1 million sign-ups in May 2024, doubling from 400,000 signups the previous month.

Immutable’s new rewards program, The Main Quest, offers up to $50 million in incentives for players. By participating in daily tasks and quests across various web3 games, players can earn Gems, game tokens, and unique in-game NFTs. Furthermore, Immutable partnered with Spielworks to enhance gaming rewards and engagement. This collaboration leverages Spielworks’ extensive user base and its Wombat gaming platform to bring blockchain benefits to mass-market gaming, further driving the adoption of web3 gaming.

These initiatives underscore Immutable’s commitment to advancing Web3 gaming through innovative solutions and strategic partnerships, solidifying its position as a leader in the blockchain gaming industry.

2. May gaming leaders

Pixels has remained the leading game by UAW this month, followed closely by Matr1x, which announced the launch of the MATR1X Apollo Program. This initiative will introduce the first batch of top-tier weapon skin NFTs within the MATR1X ecosystem, accompanied by a significant airdrop of 50 million MAX tokens.

Top Game Dapps in May 2024

For the rest of the list, it appears that most projects have made incremental improvements to their gaming dapps, but no major updates have occurred, resulting in relatively stable rankings over the past few months.

Other Key Developments in the Gaming Scene

Splinterlands, a leading blockchain trading card game (TCG), celebrated its 6th anniversary with a major community event and a massive tournament from 23 to 31 May. Players were invited to join the festivities, share memories, and participate in exciting contests.

At the recent Solana Crossroads conference, Star Atlas announced plans to launch its mobile app for Android and iOS devices by the end of this year. This launch aims to attract a wider audience and provide on-the-go access to its extensive interstellar gameplay.

Story-driven Web3 game Symbiogenesis, developed by Japanese game company Square Enix, successfully minted 1,500 NFT characters during a three-day auction. These NFTs were released on Arbitrum One on 31 May, with the public auction concluding on 2 June.

In April 2024, Square Enix signed a deal with Animoca Brands Japan to boost the global marketing of Symbiogenesis. Through this partnership, Animoca Brands Japan will support NFT sales, leveraging its forthcoming NFT Launchpad Sorah, and assist with market strategy and global expansion.

3. Mocaverse tops NFT metaverse rankings

The metaverse, a concept that gained immense popularity a year and a half ago, has recently become quieter. However, this does not mean that companies involved in creating the metaverse have ceased their efforts; they have continued to build it silently.

We decided to examine the top NFT metaverse collections by trading volume, and one project that stands out is Mocaverse. This project, which was highlighted in our previous gaming report, launched with a strong start and has consistently delivered since then.

Top Metaverse NFT collections by trading volume in May 2024

In April 2024, Mocaverse held its much-anticipated MOCA public token sale and has since made several notable announcements and partnerships. First, they announced Olivia Song as the new head of business development for Mocaverse. Song joins Animoca after a successful 4.5-year tenure as the business development lead at Avalanche Korea. Additionally, Mocaverse launched the Realm Network, which we will explore in more detail in the next section.

It’s important to note that this project is backed by Animoca Brands, a significant investor in the metaverse. Another Animoca project, The Sandbox, has also made headlines recently. At the end of the month, The Sandbox launched its own DAO, granting SAND holders and LAND holders the ability to govern the platform. Additionally, in early June, The Sandbox received a $20 million investment at a $1 billion valuation.

Another metaverse project that has gained popularity recently is Puffverse, an immersive 3D metaverse built around NFT characters and interactive experiences. One of the central components of Puffverse is its flagship game, PuffGo, a multiplayer royale party game featuring Play-to-Earn (P2E) mechanics. Players can compete in various mini-games, customize their characters, and earn rewards, including in-game tokens and NFT assets.

Thus, while the buzz around the metaverse has diminished, significant developments continue to unfold. I am confident that this narrative will stick and will play a big part in the upcoming period.

4.Investments low in May, but Q2 2024 shaping up nicely

As we enter the second month of the second quarter of 2024, investments continue to flow into the Web3 sphere, particularly in the blockchain gaming sector.

Last month, we saw $988 million invested, the highest amount recorded since January 2021, at the early stages of the previous bull run. This month, the situation is slightly different, with $108 million registered from 17 different investments. Despite this, this quarter could still close as the best one since Q1 2021.

Investments in Web3 Gaming Projects in May 2024

Of the funds received, 44% went into infrastructure, which includes game studios and other projects focused on resolving infrastructure issues. Meanwhile, 24% was directed towards Web3 game titles, and 33% towards metaverse projects.

In recent months, metaverse-based projects have regained popularity. This month’s largest investment was in Baby Shark Universe, which closed its seed round with a valuation of $34 million. Animoca Brands, a well-known and pivotal entity in the Web3 industry, was one of the investors.

Additionally, Animoca Brands announced the launch of the Realm Network, a cutting-edge interoperable infrastructure designed to maximize network effects. They also announced the creation of the Anime Foundation, which aims to combine traditional and Web3 technologies to enhance the anime and manga experience globally. The Anime Foundation plans to collaborate with Mocaverse to work on the Realm Network.

Another noteworthy investment this month was from Param Labs, a Web3 gaming platform, which completed a successful $7 million funding round. Param Labs aims to establish a gaming ecosystem managed by its native PARAM token, which is set to launch soon. They also announced a partnership with PixelVerse, a cyberpunk quest-based browser game. This partnership aims to integrate PixelVerse’s IP into Param Labs’ upcoming shooter game, Kiraverse.

5. Closing words

It’s clear that the performance of the Web3 gaming industry continues to be impressive, reinforcing our bullish outlook. Recent reports about crypto gaming being dead are unbiased and simply false. 

We’ve reached new highs in daily unique active wallets (dUAW), and projects are consistently launching updates and forming partnerships to enhance the industry. Ronin leads the market, while NEAR, Klaytn, Immutable and SKALE registered significant growth. 

Despite what might seem like a slower month for investments, the $108 million raised positions us to potentially close this quarter as the best one for investments since Q1 2021.

Without a doubt blockchain gaming remains a key driver for the adoption and growth of Web3, paving the way for the future we envision: a decentralized ecosystem with users having ownership on their data.

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