The “Big Blockchain Game List” project recently unveiled its report on the state of blockchain gaming for the first quarter of 2024. The report shares some key insights and highlights events that have influenced the gaming market over the past three months. With a rising sentiment in the crypto space, the first quarter has seen a corresponding surge in blockchain gaming activities.
The title for the most popular game based on on-chain activity for Q1 2024 was clinched by a browser-based social RPG Pixels, boasting 1.2 million daily active unique wallets. Initially launched on the Polygon blockchain, it found renewed success following its November 2023 relaunch on the Ronin chain. A significant factor in its success is down to initiatives by the Pixels team, including a play-to-airdrop event for the game’s new PIXEL token.
In contrast, previously popular titles such as Alien Worlds and Splinterlands experienced a downturn in their daily active unique wallet count.
The report also dives into the preferred blockchain platforms for game development in Q1 2024, highlighting Immutable X as the frontrunner. It attracted 14% of all new game launches, fueled by the impending launch of its Immutable zkEVM infrastructure on Polygon. This sparked a flurry of interest and prompted games to migrate from Polygon to Immutable X. Ethereum Layer 2 solutions like Arbitrum and Blast also emerged as popular choices.
Notably, a substantial portion of games, 27%, are now embracing a multi-chain strategy to widen their audience base. This trend suggests a shift in developers’ focus towards fostering a larger ecosystem rather than prioritizing technological superiority.
The investment landscape in Q1 2024 observed 68 deals within the blockchain gaming sector, marking a modest 1% decrease from Q1 2023 and a significant 57% reduction from the peak in Q1 2022, which saw 56 deals in March alone. The total investment amount reached $301 million, down 39% from Q1 2023 and 84% from the $1.9 billion in Q1 2022.
The report notes that two-thirds of these investments were made by professional VCs and investors, primarily from crypto-only funds, with traditional tech and gaming VCs largely abstaining from engagement.
Highlighting the quarter’s largest deals, Parallels Studios, Gunzilla Games, and Elixir attracted significant funding, securing $35 million, $30 million, and $14 million, respectively.
The report also reveals that 119 new blockchain games were announced, and around 60 were discontinued in the first quarter of 2024. Consequently, the “Big Blockchain Game List” ended the quarter tracking 953 blockchain games, up from 896 at the end of 2023 and indicating sustained growth through the bear market of 2023 and in the first quarter of 2024.
