Blockchain Game Market January Report: Overall Decline, Platform Competition Intensifies

Despite the overall strength of the cryptocurrency market, the gaming sector's market value has decreased by 19.3% to $22.3 billion. This month's market hotspots are mainly focused on social platforms, with TON obtaining exclusive authorization for blockchain infrastructure, while LINE launched the Mini Dapps ecosystem through Kaia.

Macro Market Review

Bitcoin rose from $94,577 to $102,180, an increase of 8.0%. In contrast, Ethereum showed weakness, falling from $3,353 to $3,292, a decrease of 1.8%, with the ETH/BTC ratio hitting a new low since September 2024.

Several important policy developments have significantly influenced the trends in the cryptocurrency market. The government's administrative order on cryptocurrency regulation has provided unprecedented clarity for the industry, particularly emphasizing the protection of self-custody rights and supporting the development of stablecoins. However, statements at the end of the month regarding international trade tariffs have raised concerns about global economic growth, leading to a cooling of market sentiment.

A token launched by a certain political family on Solana has triggered significant volatility in the Memecoin sector. This wave of speculation has notably diverted market attention and funds from other crypto sectors, including the Blockchain gaming field.

Breakthrough advancements in the field of artificial intelligence have also influenced market dynamics. This progress has accelerated the focus on decentralized AI infrastructure within the crypto ecosystem, with AI-related tokens experiencing a rise this month.

Blockchain Game Market Overview

In January, despite the overall strong performance of the crypto market, the Web3 gaming sector faced resistance. The market capitalization of blockchain gaming tokens fell from $27.6 billion to $22.3 billion, a decrease of 19.3%.

On-chain activity metrics also showed weakness, with monthly transaction counts decreasing by 7.2% to 550 million transactions, and transaction volume declining by 12.4% to 230 million USD.

A certain foundation announced on January 21 that it has obtained exclusive authorization for blockchain infrastructure, marking an important turning point for the ecosystem. This exclusive cooperation requires all applications based on the social platform to migrate to the designated blockchain within 30 days, putting pressure on projects built on other chains. Although the foundation will provide incentives for early adopters who complete the blockchain migration before February 21, it has indeed posed substantial technical and community challenges to the affected gaming projects.

The day after the above announcement, another social platform launched Mini Dapps and a Dapp Portal, reflecting the emerging competitive landscape in the social platform gaming sector. The first batch plans to launch 32 Mini Dapps, showcasing a more controlled, ecosystem-oriented approach compared to the relatively open development environment of the former.

These platform-level changes, combined with the decline in market indicators, indicate that the Web3 gaming sector is entering a consolidation phase, where platform integration and user experience may take precedence over token economics. The approaches of different social platforms could significantly impact how blockchain gaming projects handle user acquisition and retention strategies in 2025.

Blockchain Game Public Chain Overview

In January 2025, the number of active blockchain games reached 1,697, a slight increase of 1.4% compared to December. Traditional market leaders maintained their position in game distribution: BNB Chain (24.2%), Polygon (15.6%), and Ethereum (13.1%). However, the stability of this game distribution stands in stark contrast to the significant changes in on-chain activity.

The trading activity shows a significant concentration trend, with three chains dominating. WAX leads with 180 million transactions, accounting for 32.4% of all gaming activities. opBNB ranks second with 87.2 million transactions, holding a 15.9% share, while Aptos recorded 37.5 million transactions, with a 16.8% share. Together, these three chains accounted for over 55% of all gaming transaction counts in January.

In terms of trading volume, Aptos ranks first with a transaction amount of $51.9 million (, holding a share of 22.1% ), followed by Ronin with a transaction amount of $49.5 million (, holding a share of 21.1% ). Immutable X ranks third with a transaction amount of $19 million (, holding a share of 18.1% ).

Competition among various chains to attract developers is intensifying, with many launching aggressive incentive programs. Millions of dollars in funds from certain institutions are targeting the intersection of Web3 gaming and AI, reflecting the growing market interest in AI-enhanced gaming experiences. Meanwhile, a certain network's $10 million grant program extends beyond the gaming sector to consumer applications and DeFi protocols, aiming to create a more comprehensive ecosystem.

Blockchain Game Investment and Financing Situation

In January 2025, Web3 game investment activities continued to decline, with 6 financing events raising a total of $31.2 million. The decrease in financing activities reflects broader market dynamics. The surge in speculative activities has significantly diverted market attention and funds from other cryptocurrency sectors, including the Blockchain gaming sector.

Pixion Games leads this month's fundraising activities, raising 4 million USD in a strategic round of financing with participation from several well-known investment institutions. The studio's flagship game Fableborne combines ARPG mechanics with strategic base-building elements. The game's success on a certain blockchain is particularly noteworthy. Other notable game financing events include Drift Zone, BeraTone, and Nakamoto Games.

Infrastructure development remains a focal point for investors, with two significant financings: ZKcandy raised $4 million for its ZKsync-based gaming dedicated Layer 2 chain after successfully completing the open testnet phase. Additionally, Hyve Labs raised $2.75 million for the development of its core infrastructure, including launching the testnet chain, its first game, and other on-chain assets.