Blockchain Game Market Overview in January: Metrics Decline and Platform Competition Intensifies

Despite the overall strength of the cryptocurrency market, the gaming sector's market value has decreased by nearly 20% to $22.3 billion. This month's market focus is mainly on the social platform sector, with some important platform developments attracting widespread attention in the industry.

Macroeconomic Market Review

The price of Bitcoin rose from $94,577 to $102,180, an increase of 8.0%. In contrast, Ethereum performed relatively weakly, falling from $3,353 to $3,292, a decrease of 1.8%, with the ETH/BTC ratio hitting a nearly five-month low.

Multiple important policy developments have had a significant impact on the trends in the cryptocurrency market. The executive order on cryptocurrency regulation released by the US government has provided unprecedented clarity for the industry, particularly emphasizing the protection of self-custody rights and supporting the development of stablecoins. However, comments at the end of the month regarding international trade tariffs have raised concerns about global economic growth, leading to a cooling of market sentiment.

Certain tokens launched on Solana have triggered significant fluctuations in the Memecoin sector. This wave of speculation has notably diverted market attention and funds from other cryptocurrency sectors, including the Blockchain gaming space.

Breakthrough advancements in the field of artificial intelligence have also impacted market dynamics. This progress has accelerated the focus on decentralized AI infrastructure within the cryptocurrency ecosystem, leading to an increase in AI-related tokens this month.

Blockchain Game Market Overview

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

On-chain activity indicators also showed weakness, with monthly transaction counts down 7.2% to 550 million transactions and trading volume down 12.4% to 230 million USD.

A certain Blockchain foundation announced that it has obtained exclusive authorization for the blockchain infrastructure of a well-known social platform, marking an important turning point for the ecosystem. This exclusive partnership requires all applications based on the platform to migrate to the designated Block within 30 days, putting pressure on projects built on other chains. Although the foundation will provide incentives for early adopters, it has indeed posed substantial technical and community challenges for the affected gaming projects.

Another social platform has launched Mini Dapps and a Dapp Portal, reflecting the emerging competitive landscape in the social platform gaming sector. The first batch plans to introduce 32 Mini Dapps, showcasing a more controllable, ecosystem-oriented approach.

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 different approaches of social platforms could significantly influence 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, this stability in game distribution stands in stark contrast to the significant changes in on-chain activity.

The trading activity shows a clear concentration trend, with three chains dominating. WAX leads with 180 million transactions, accounting for 32.4% of all gaming activity. 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 volume in January.

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

The competition among various chains for developers is intensifying, with many launching aggressive incentive programs. Some institutions' multimillion-dollar funds are targeting the intersection of Web3 gaming and AI, reflecting the market's growing interest in AI-enhanced gaming experiences. Meanwhile, a public chain's $10 million subsidy 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 gaming investment activities continued their downward trend, 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 away from other cryptocurrency sectors, including the Blockchain gaming space.

Pixion Games leads this month's financing activities, raising $4 million in a strategic round of financing. The studio's flagship game Fableborne combines ARPG mechanics with strategic base-building elements. Other notable game financing events include Drift Zone, BeraTone, and Nakamoto Games.

Infrastructure development remains a key focus for investors, with two significant financings: ZKcandy raised $4 million for its game-specific Layer 2 chain based on ZKsync after successfully completing the open testnet phase. In addition, Hyve Labs raised $2.75 million to develop its core infrastructure, such as launching the testnet chain, its first game, and other on-chain assets.