Web3 Games 2024 Review: Continuous Innovation but Absence of Bull Run Feast

In 2024, the Web3 gaming industry presents a complex situation. Although daily active users have surged over 300% and traditional gaming companies are beginning to make their moves, the market value of this sector has only increased by 60.5%, significantly lagging behind the Meme coin and AI sectors. Against the backdrop of Bitcoin reaching new highs, Web3 gaming seems to have missed the opportunity of this bull run.

However, 2024 marks an important transformation period for the industry, transitioning from a purely speculative phase to maturity. This report will analyze the market performance, technological advancements, and strategic shifts of Web3 games in 2024, exploring how the industry responds to mainstream adoption challenges and builds sustainable growth.

Annual Key Performance Indicators Overview

• Market Cap: $31.8 billion, growth of 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 year-end, growth of 308.6%
• Active Games: Out of 3,602 games, 1,361 remain active ( 37.8% )
• Annual financing: 220 transactions, total amount 910 million USD

Market Performance Analysis

market capitalization performance

The Web3 gaming sector is expected to achieve a 60.5% growth in 2024, with a market value reaching 31.8 billion USD by the end of the year. It hit a high of 47.4 billion USD in March, but still remains below the historical peak of 114.1 billion USD on November 2021.

Compared to other cryptocurrency sectors, the gaming sector is underperforming. It ranks eighth among the top ten sectors in terms of market capitalization growth, significantly lagging behind Meme coins (421.1%), AI (168.0%), and the Solana ecosystem (124.1%).

The community attention is also not high, accounting for only 6.7% of the views in the most followed section on CoinMarketCap, ranking ninth.

Trading Volume Analysis

In 2024, the total trading volume reached 5.2 billion USD, an increase of 18.5%, but still significantly lower than the peak of the previous cycle.

The number of transactions is 5.3 billion, a decrease of 30.3%, failing to reverse the downward trend that started in 2022.

The daily active users increased from 1.6 million in January to 6.6 million in December, a growth of 308.6% over the year, surpassing the peak of the previous cycle.

Ecosystem Development

Competition and Evolution of Public Chains

Trading Volume: BNB Chain ( 23.1% ), Ethereum ( 17.6% ), Blast ( 19.2% ) leading

Number of transactions: WAX 33.6% , Aptos 11.6% , Ronin 16.1% leading

Number of users: opBNB 220,000, Ronin 110,000, Nebula 45.8 million leading 120,000 daily average in December.

The usage trends across various chains indicate that the ecosystem is becoming increasingly mature, with different public chains finding their niche for various types of games. Major networks are evolving into comprehensive platforms for game developers.

Technical Infrastructure Improvement

• Network processing capability has increased by more than 50 times compared to four years ago.
• The Ethereum "Cancun" upgrade significantly reduces L2 fees
• Enhanced cross-chain interoperability, popularization of asset standardization

Project Development

2024 will witness the release of important games. Off The Grid and MapleStory Universe enter early access, Illuvium officially launches, and Pirate Nation completes its TGE.

As of the end of November, the total number of blockchain games is 3,602, but only 1,361 games ( remain active, accounting for 37.8% ). 161 games ( have more than 10,000 MAU, and 96 games ) have surpassed 100,000 MAU.

Innovative Pattern

( cross-platform gaming trends

• Mobile games become the main platform, accounting for 29.4% of new games.
• The rise of Telegram games accounts for 20.9% of new games
• The console gaming sector is still to be developed.

![2024 Web3 Game Review: Continuous Innovation, but Why Has It Still Become an Absentee in the Bull Run?])https://img-cdn.gateio.im/webp-social/moments-f300709592e1e5ba03d5c9ba5954d3df.webp(

) Traditional game companies are entering the market.

• Ubisoft released Champions Tactics
• Square Enix strengthens blockchain layout
• Sony launched the Soneium Layer 2 network

( AI integration

AI revolutionizes in-game interaction, content generation, development processes, and operational management.

![2024 Web3 Game Review: Continuous Innovation, but Why Is It Still an Absent Participant in the Bull Run?])https://img-cdn.gateio.im/webp-social/moments-1f42a650a43dfb59922fd601ce0ca5fd.webp(

Investment Landscape

In 2024, 220 financing rounds raised $910 million. The amount of financing decreased by 7.3% compared to 2023, but the number of events increased by 48.7%.

Early investments dominate, with 76 early transactions )34.6%( VS 20 Series A or later financings )9.1%(.

Animoca Brands leads with 38 investments, participating in 17.3% of the financing event.

Seven projects have raised over $20 million in a single financing round, with Azra Games leading Series A at $42.7 million.

Investment focus shifts to game infrastructure, development tools, and cross-chain ecosystems.

![2024 Web3 Game Review: Continuous Innovation, But Why Is It Still Absent in the Bull Run?])https://img-cdn.gateio.im/webp-social/moments-310349cf6768ef41ee89f98b94351f9d.webp(

2025 Outlook

Key Trends:

• The integration of social platforms is expected to solve the problem of user acquisition.
• AI integration will become a driving force for innovation.
• Integrating to achieve sustainable growth becomes key.

The future role of Web3 games lies in integration, connecting traditional games, social platforms, and blockchain technology, with the potential to reshape the future of the gaming industry.

![2024 Web3 Game Review: Continuous Innovation, But Why Is It Still Absent in the Bull Run?])https://img-cdn.gateio.im/webp-social/moments-00e2d7553fe1699f814d608e4c12c595.webp###