State of Blockchain Gaming in Q3 2024

Other categories related to this article:
Reports

Blockchain gaming dominates Web3 with 4.4 million daily active wallets in Q3 2024

Q3 2024 has proven to be a transformative period for the Web3 gaming and metaverse sectors. While the market experienced some fluctuations, the ongoing innovation and development within the industry continue to inspire confidence in its long-term potential. With blockchain gaming accounting for 26% of all dapp activity and the emergence of exciting new projects, the future of Web3 gaming looks brighter than ever. As the foundation for future growth solidifies, the stage is set for even greater advancements in the months to come.

Key Takeaways 

  • Blockchain gaming dominated the Web3 industry in Q3 2024, capturing 26% of all dapp activity with 4.4 million daily active wallets, leading the sector in growth and engagement.
  • Ronin Network maintained its top position in Q3 2024, attracting over 1 million daily wallets, marking a 34% growth from the previous quarter.
  • Oasys and opBNB recorded significant growth in Q3 2024, with Oasys experiencing a 4,711% increase in activity and opBNB growing by 480%, becoming top-performing gaming blockchains.
  • New blockchain games, World of Dypians and SERAPH: In The Darkness, led activity in Q3 2024, each surpassing 300,000 daily unique active wallets (dUAW).
  • NFT gaming collections on Immutable zkEVM, like Guild of Guardians and Gods Unchained, continued to thrive, generating over $60 million in combined trading volume during Q3 2024.
  • NFT metaverse collections saw a mixed performance in Q3 2024, with trading volume down 67%, but sales rising by 26%. Mocaverse led the market with a 42% share in trading volume.
  • Blockchain gaming investments dropped by 90% in Q3 2024 when compared to the previous quarter, with total funding reaching $110 million. 79% of the capital went to infrastructure projects, with the remaining allocated to individual Web3 game titles.

Table of Contents

  1. Blockchain gaming overview
  2. Top Web3 games of Q3 2024
  3. Metaverse performance overview
  4. Investments overview
  5. Closing words

1. Blockchain gaming overview

In Q3 2024, the Web3 industry witnessed a remarkable surge, with daily Unique Active Wallets (dUAW) hitting 17.2 million—a substantial 70% increase compared to the previous quarter. This growth momentum was particularly evident in the blockchain gaming sector, which saw its dUAW climb to 4.4 million, reflecting a 21% rise from Q2 2024.

Blockchain gaming continues to play a pivotal role in the Web3 ecosystem, contributing 26% of all Unique Active Wallets. However, a new and rapidly emerging sector—AI-driven dapps—is starting to challenge its dominance. For a deeper dive into this, explore our mini-report on AI in Web3.

A closer analysis uncovers the key areas driving the growth of the gaming sector and highlights the top-performing blockchains in terms of Unique Active Wallets (dUAW) this quarter:

Ronin Network still leads the market, growing its number of active wallets by 34% to 1.07 million active wallets. This places the gaming chain well ahead of number two opBNB, which managed to grow its numbers by 408% to 462,000 active wallets. Also number three Saakuru Verse Oasys recorded remarkable growth, increasing its number 4,711% to 382,000 active wallets. With gaming hitting the spotlights, it’s safe to say that the Ronin Network needs to work hard to stay ahead of the increasingly competitive market. 

2. Top Web3 games of Q3

In Q3 2024, the Web3 gaming landscape remained dominated by familiar titles like Pixels, while several new games launched, capturing attention and solidifying their presence.

World of Dypians is an MMORPG built on Ethereum and BNB Chain, boasting over 500,000 players. Set in a 2,000 square kilometer metaverse, players engage in exploration, quests, and social activities like land ownership. With play-to-earn (P2E) mechanics, an NFT ecosystem, and features like AI-driven metaverse interactions, it’s rapidly growing in popularity.

Launched in Q3 2024, SERAPH: In The Darkness is a dark-themed action RPG with blockchain-based asset ownership and dynamic environments. The game has gained traction for its immersive gameplay and decentralized features, allowing players to own in-game assets and be rewarded for achievements.

Lumiterra is a newly launched Web3 MMO game focused on world-building and PvP battles. With decentralized ownership of land and assets, its growing community is drawn to the game’s immersive experience and potential for strategic alliances.

Completing the top 5 and built on the TON blockchain, Catizen is part of the Telegram mini-game trend. In this game players nurture NFT cat characters and engage in mini-games. Its simplicity and blockchain integration make it popular among casual players, offering easy access via Telegram.

{BUTTON: “Explore Top Web3 Games This Week”}

In addition to the growth of Web3 games, gaming NFT collections also saw notable performance in Q3 2024. Guild of Guardians continues to rank as one of the most popular collections for in-game NFTs, while Gods Unchained maintains its momentum as a major player in the NFT gaming world.

Interestingly, Illuvium Land has also attracted a significant number of users. This collection has become a favorite for its integration with the broader Illuvium ecosystem and its unique appeal to landowners in the metaverse.

3. Metaverse performance overview

While the metaverse has seen a decline in public interest, it remains a promising sector for future investment. Despite the challenges of building its expansive vision, investor confidence suggests the metaverse will play a critical role in the future digital landscape.

In Q3 2024, metaverse-based NFT collections recorded $14 million in trading volume across approximately 78,000 sales. This reflects a 67% drop in volume, but a notable 26% rise in sales, indicating that while prices have decreased, there’s still demand.

Among the top metaverse collections, Mocaverse led with a 42% share of total trading volume, maintaining its strong presence in the market.

4. Investments overview

After a highly successful Q2 2024, where investments surged to $1.1 billion—a 314% increase from the previous quarter—the trend shifted dramatically in Q3 2024, with investments dropping to $110 million, marking a 90% decrease. This decline reflects the quieter market around Web3 gaming, though the industry remains active in development, continuing to build critical infrastructure for future growth.

The primary focus of these investments was on infrastructure, highlighting its crucial role in bringing the next generation of gamers to the Web3 space.

Three significant investments stood out this quarter:

NPC Labs raised $18 million in a funding round led by Pantera Capital. The funds will support the discovery of Web3 games and help developers scale their projects across various blockchain networks. As a key contributor to B3.fun, a gaming ecosystem built on Coinbase’s L2 Base, NPC Labs is focused on accelerating on-chain gaming development.

Gameplay Galaxy secured $11.17 million in a seed extension round, increasing its valuation to $71 million. With a total of $24 million raised, Gameplay Galaxy is poised to enter new gaming markets, with plans to launch a new business model that could forge partnerships with major brands and gaming influencers.

Double jump.tokyo, a Japanese Web3 game developer, raised over $10 million in a Series D funding round led by SBI Investment. The company is using the funds to develop blockchain games, bolster its infrastructure, and expand its talent base. Double jump.tokyo has also partnered with prominent companies like Ubisoft, Square Enix, and Bandai Namco to bring Web3 gaming to a broader audience.

5. Closing words

Q3 2024 was a pivotal period for Web3 gaming and the metaverse, showcasing both challenges and opportunities. While investments saw a sharp decline compared to the previous quarter, the industry continued to lay critical infrastructure for future growth. The blockchain gaming sector maintained its strong position, contributing 26% of dapp activity, with titles like World of Dypians and SERAPH: In The Darkness driving engagement. Meanwhile, the metaverse saw a mix of declining trading volume and increased sales, signaling sustained demand despite fluctuating prices.

As we look ahead to the final quarter of 2024, the focus will likely remain on infrastructure development and the evolution of gaming ecosystems that can scale to meet the needs of a growing user base. With promising projects in development and major investments in infrastructure, the future of Web3 gaming is poised for long-term growth and innovation.

Stay tuned as we continue to track the progress and trends in this dynamic industry. The evolution of blockchain gaming, NFTs, and the metaverse is just beginning, and the developments in the coming months will shape the next phase of the Web3 revolution.

Share this post on social media

Share this Article

Related articles

Related articles

Impressive $988M in Investments Fuels Blockchain Gaming Growth

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