Insights Trends Blockchain Gaming Investments Neared $1 Billion in April

Blockchain Gaming Investments Neared $1 Billion in April

May 17, 2024 Trends
BITmarkets | Blockchain Gaming Investments Neared $1 Billion in April

In April, blockchain gaming attracted $988 million in investments, marking the highest amount since January 2021.

The sector also witnessed a peak in daily unique active wallets, reaching 2.9 million for blockchain gaming.

On May 17, DappRadar, together with the Blockchain Gaming Alliance, unveiled its April report on blockchain gaming.

This report highlights a notable month for the industry, mirroring trends seen across the broader decentralized applications (DApps) market.

The report suggests that the recent surge is due to various factors, including a rekindled interest in digital assets within the gaming sphere:

“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.”

In the realm of blockchain gaming platforms, Ronin's “Pixels” has surged to the top position for the month, surpassing the former leader Polygon, which is known for its array of games such as Matr1x and Qorpo World.

Describing April as a milestone month for blockchain gaming would be quite an understatement. The first quarter of 2024 recorded $288 million in investments in the sector.

However, the investment in April alone was more than three times this figure, nearly hitting one billion dollars by just $22 million.

The report further observed initial positive growth signs in the metaverse in April. Among the leading metaverse-related nonfungible token (NFT) collections, Mocaverse led with a trading volume of $8.4 million, significantly outperforming its competitors.

Farmland by Pixels followed with a trading volume of $1.48 million, while Otherdeed by Otherside also surpassed the million-dollar threshold, recording $1.02 million in trading volume.

According to DappRadar:

“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.”

The report also highlighted recent activities by major gaming industry figures like Ubisoft and Square Enix, suggesting promising growth potential for the sector.

“Blockchain gaming has received a significant boost this April,” the authors of the report noted, concluding that the sector appears rejuvenated and poised to leverage new technologies and innovations.

Sources:

https://cryptodaily.co.uk/news-in-crypto/thenewscrypto:april-sees-nearly-1b-investment-in-blockchain-gaming-highest-since-2021

https://cointelegraph.com/news/blockchain-gaming-investments-1-billion-nft-web3-april

https://dappradar.com/blog/impressive-988m-in-investments-fuels-blockchain-gaming-growth

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