Investments in Web3 gaming hit $1.1 billion in Q2 2024, marking best quarter since Q3 2022
Q2 2024 has shown promising metrics across the Web3 and blockchain gaming sectors. We have long believed that blockchain gaming will be a key driver for Web3 adoption, and the current trends reinforce this view.
Key Takeaways
- Blockchain games leads the Web3 industry, accounting for 28% of all the dapp activity and attracting 2.8 million active wallets every day.
- Ronin regained the first place as the top gaming blockchain, drawing in over 1.9 million new daily wallets, having an increase of 100% from the previous quarter.
- Immutable zkEVM and opBNB emerged as the biggest winners this quarter, with remarkable activity increases of 715,136% and 80,459%, respectively.
- Pixels leads the gaming landscape in terms of unique active wallets, attracting a total of 48 million unique wallets this quarter.
- NFT metaverse-based collections saw a decline this quarter, with trading volume down 29% and sales down 21%. Mocaverse dominates with a 49% share in volume this quarter.
- Q2 2024 marks the best quarter since Q3 2022 for blockchain gaming investments, as $1.1 billion were raised marking a 314% increase since the previous quarter.
Table of Contents
- Blockchain gaming overview
- Top Web3 games of Q2
- Metaverse performance overview
- Investments overview
- Conclusion
1. Blockchain gaming overview
In Q2 2024, the Web3 industry experienced a significant surge, with daily Unique Active Wallets (dUAW) reaching 10 million—a 40% increase from the previous quarter. This upward trend was notably reflected in the blockchain gaming sector, which closed the quarter with 2.8 million dUAW, marking a 33% rise from the prior period.
Blockchain gaming continues to be a major contributor to the Web3 ecosystem, accounting for 28% of the total Unique Active Wallets.
The increase in activity and the influx of new users underscore the growing significance of blockchain gaming within the Web3 landscape.
A closer examination reveals where this growth is concentrated and highlights the leaders in Unique Active Wallets for this quarter:
Ronin emerged as the front-runner, boasting a 100% increase to 1.9 million dUAW. Polygon followed with a 28% rise, reaching 1.5 million dUAW. NEAR nearly doubled its user base with a 98% surge to 1 million dUAW. Klaytn recorded the highest percentage increase at 305%, now at 699,965 dUAW. Nebula, part of the SKALE Network, grew by 18%, achieving 585,526 dUAW.
Identifying the top gainers of the quarter further highlights these trends:
Optimistic rollups and EMV-compatible chains are gaining substantial traction in the gaming industry, reflecting their rising popularity and success.
2. Top Web3 games of Q2
This quarter, the Web3 gaming landscape remains dominated by familiar titles such as Pixels and Sweat Economy, demonstrating their enduring appeal and strong user base.
In the realm of top Gaming NFT collections by sales count, established names continue to lead. Gods Unchained and Axie Infinity remain the most traded gaming NFT collections, maintaining their positions almost indefinitely. However, a notable new entry is Guild of Guardians, which has gained remarkable popularity since its launch on 15 May on Google Play Store and AppStore. Their expansion continues, with the release of Act 2: Guardians Unite on 3 July.
It’s evident that games achieving mainstream popularity are often those published on major platforms like App Store and Epic Games. It’s encouraging to see how these Web2 platforms are embracing the concept of blockchain games with NFTs, signaling a positive shift in the industry.
3. Metaverse performance overview
The metaverse concept, while currently seeing a decrease in public interest, remains a viable and promising investment for the future. Despite the current challenges in building the expansive vision of the metaverse, investor confidence suggests it will play a crucial role in our future digital landscape.
Analyzing the trading statistics, metaverse-based NFT collections recorded $43 million in trading volume and approximately 61,500 sales, representing a 29% decrease in volume and a 21% decrease in sales.
Among the top NFT metaverse collections, Mocaverse stands out with a dominant 49% share of the trading volume.
This quarter demonstrates that interest in well-known metaverse projects has not waned. Prominent names like Otherdeed for Otherside, The Sandbox, and Decentraland continue to develop and position themselves as significant players in the industry, preparing for a future where they will be integral to the metaverse ecosystem.
4. Investments overview
The start of 2024 brought a blend of caution and optimism to the Web3 and blockchain gaming investment landscape. Remarkably, the second quarter of 2024 has been one of the most successful ones since Q3 2022, with investments soaring to $1.1 billion—a 314% increase from the previous quarter and a 17% rise from Q2 2023.
The primary focus of these investments has been on investment funds and infrastructure, highlighting a period of foundational development aimed at enriching the Web3 gaming ecosystem.
Four significant investments stood out this quarter:
- a16z Gaming Fund: a16z has raised $600 million for a gaming fund dedicated to supporting game studios creating innovative games, game infrastructure for the next generation of developers, and the games x consumer ecosystem, which includes consumer apps related to games.
- Bitkraft Venture Fund: Bitkraft Venture raised $275 million for early-stage investments in gaming and interactive media companies.
- Metaverse Projects: Two major investments were directed towards metaverse projects. Baby Shark Universe raised $34 million, while The Sandbox secured $20 million.
This quarter’s investment focus has been on bolstering gaming startups through substantial funds and continued support for metaverse initiatives, reflecting a strategic effort to drive growth and innovation in the sector.
5. Closing words
The metrics for Q2 2024 are looking very promising. As we’ve consistently highlighted, blockchain gaming is poised to drive the adoption of Web3 technologies. While patience is required, the influx of investments is a very positive sign. The continuous advancements in technology to enhance the seamless gameplay experience are particularly exciting.
As always, I remain bullish on blockchain gaming. The future looks bright, and the growth we are witnessing today sets a solid foundation for even greater developments ahead.
