January 2025 Blockchain Game Industry Report: Market Cools, Platform Competition Heats Up

Macro Market Overview

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

Multiple important policy developments have had a significant impact on the crypto market. The cryptocurrency regulatory directives issued by the government have 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.

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 away from other cryptocurrency sectors, including the Blockchain gaming field.

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 a rise in AI-related tokens this month.

Blockchain Game Market Overview

Despite the overall strength of the cryptocurrency market, the Web3 gaming sector is facing resistance. The market capitalization of blockchain game tokens has decreased from $27.6 billion to $22.3 billion, a drop of 19.3%. On-chain activity metrics are also showing weakness, with the monthly number of transactions falling by 7.2% to 550 million and the transaction volume decreasing by 12.4% to $230 million.

A certain foundation announced on January 21 that it has obtained exclusive authorization for blockchain infrastructure from a well-known social platform, marking an important turning point for the ecosystem. This exclusive collaboration requires all applications based on the platform to migrate to a specific 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 by February 21, it has indeed posed substantial technical and community challenges for the affected gaming projects.

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

These platform-level changes, coupled with the decline in market indicators, suggest 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 platforms could significantly impact how blockchain gaming projects address 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: Chain ( 24.2% ), Chain ( 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. A certain chain 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 volume of $51.9 million, holding a share of 22.1%, followed closely by Ronin with a transaction volume of $49.5 million and a share of 21.1%. A certain blockchain ranks third with a transaction volume of $19 million and a share of 18.1%.

The competition among various chains to attract developers is intensifying, with many launching aggressive incentive programs. A certain institution and a certain company's multimillion-dollar fund target the intersection of Web3 gaming and AI, reflecting the market's growing interest in AI-enhanced gaming experiences. At the same time, Ronin 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, investment activities in Web3 games continued a 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 significantly diverted market attention and funds from other crypto sectors, including the Blockchain gaming field.

Pixion Games leads the fundraising activities this month, raising $4 million in a strategic round led by a certain institution, with several well-known organizations participating. The studio's flagship game, Fableborne, combines ARPG mechanics with strategic base-building elements. The game's success on Ronin is particularly noteworthy. 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. Additionally, Hyve Labs raised $2.75 million for the development of its core infrastructure, including the launch of the testnet chain, its first game, and other on-chain assets.