Web3 Games 2024 Review: Continuous Innovation, but Still Not the Main Character of the Bull Run

In 2024, the Web3 gaming industry is showing a complex development trend. Despite a surge of over 300% in daily active users and traditional gaming companies starting to get involved, the market value of this sector has only increased by 60.5%, clearly lagging behind popular fields such as Meme coins and AI. With Bitcoin reaching new highs and the overall crypto market thriving, a key question arises: "Has Web3 gaming missed the best development opportunity of this bull run?"

However, beneath the surface data, 2024 marks an important transformation period for the industry, shifting from pure speculation to maturity. This article will analyze the market cycle evolution of Web3 games in 2024, exploring key indicators, technological advancements, and strategic shifts. From infrastructure to user engagement models, we will examine how the industry addresses the challenges of mainstream adoption and builds sustainable growth.

Annual Key Performance Indicators Overview

• Market Cap: $31.8 billion, up 60.5%
• Trading volume: $5.2 billion, an increase of 18.5%
• Number of transactions: 5.3 billion, down 30.3%
• Daily active users: 6.6 million by the end of the year, a year-on-year growth of 308.6%
• Active Games: Out of 3,602 games, 1,361 remain active (37.8%)
• Annual financing: 220 deals, total amount of $910 million

Leading public chain:

• Trading Volume Share: BNB Chain ( 23.1% ), Ethereum ( 17.6% ), Blast ( 19.2% )
• Transaction volume share: WAX 33.6%, Aptos 11.6%, Ronin 16.1%
• Daily Active Users: opBNB 220,000, Ronin 110,000, Nebula 45.8 million, daily average in December (

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Market Performance Analysis

) market capitalization performance

The market value of the Web3 gaming sector reached 31.8 billion USD in 2024, growing by 60.5%. In March, it hit a year-to-date high of 47.4 billion USD, but it is still below the historical high of 114.1 billion USD on November 2021.

Despite the overall strong performance of the cryptocurrency market in the second half of the year, gaming tokens have lagged behind. They ranked eighth in market cap growth among the top ten sectors, significantly trailing behind Meme coins ( 421.1% ), AI ( 168.0% ), and the Solana ecosystem ( 124.1% ).

In terms of community attention, Web3 games only account for 6.7% of the browsing volume in the top ten sectors, ranking ninth, with the main focus of the year being on Meme coin-related projects.

( Trading Volume Analysis

The total transaction volume of Web3 games in 2024 is $5.2 billion, an increase of 18.5%. Although it has reversed the downward trend, it is still significantly lower than the peak of the previous cycle, only 6.2% of the 2021 peak.

The number of transactions is 5.3 billion, a decrease of 30.3%. Although it is comparable to the level in 2021, it has not been able to reverse the downward trend that began in 2022.

The daily active users showed significant growth throughout the year, increasing from 1.6 million in January to 6.6 million in December, a growth of 308.6%. This surpasses the previous cycle peak of 1.8 million in November 2021.

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Ecosystem Development

) Competition and Evolution of Public Chains

Performance of each chain:

• Trading volume: BNB chain leads with ###23.1%(, followed by Ethereum with )17.6%(
• Number of transactions: WAX leads ) 33.6% (, followed by Aptos ) 11.6% (
• Number of users: opBNB leads with 220 million DAU, followed by Ronin with 110 million and Nebula with 145.8 million.

The use of diversified trends indicates that the ecosystem is maturing, with various chains finding their positioning for different gaming experiences. Major networks are developing into comprehensive gaming platforms, attracting high-quality projects through strategic incentives.

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( technical infrastructure improvement

• Processing power has increased by more than 50 times compared to four years ago.
• Ethereum "Cancun" upgrade significantly reduces L2 fees
• Chainlink CCIP enhances cross-chain interoperability
• The standardized format for digital assets is more widely adopted.

) project development

In 2024, several important game releases will be witnessed, such as Off The Grid and MapleStory Universe entering early access, and Illuvium officially launching.

As of November, the total number of blockchain games is 3,602, but only 37.8% remain active. 161 games ###4.5%( achieved over 10,000 MAU, and 96 games )2.7%( surpassed 100,000 MAU, showing a trend of market concentration.

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) innovative pattern

• Mobile games become the main platform, accounting for 29.4% of newly released games.
• Telegram is used as a catalyst, accounting for 20.9% of new games.
• The console gaming field is still undeveloped, but new methods such as blockchain handhelds are beginning to emerge.
• Traditional game companies like Ubisoft, Square Enix, and Sony are accelerating their layouts.
• AI integration revolutionizes game development and player experience

Investment Situation

In 2024, $910 million was raised through 220 financing events. The amount of financing decreased by 7.3% compared to 2023, but the number of events increased by 48.7%, indicating that investors remain focused but are more cautious.

There is a clear trend towards early investment, with 76 early transactions accounting for 34.6%, while only 20 Series A or later financings account for 9.1%.

Animoca Brands maintains its leading position, completing 38 investments. Seven projects raised over $20 million in a single financing round, with Azra Games leading the way with $42.7 million in Series A.

Investment focus shifts to gaming infrastructure, development tools, and cross-chain capabilities, with new categories like Telegram games gaining attention.

Outlook for 2025

Several key trends may become catalysts for transformation:

• The integration of social platforms is expected to address user acquisition challenges.
• AI integration will evolve from marketing characteristics to an innovative driving force.
• Achieving sustainable growth through integration may determine industry relevance.

The future role of Web3 games may lie in integration rather than domination. By connecting traditional games, social platforms, and blockchain technology, there is hope to create genuine innovative value and reshape the future of the gaming industry.