November 2024 Blockchain Game Research Report: The Breakthrough Path of GameFi Under the Bull Market

November 2024 Blockchain Game Research Report

Author: Stella L (stella@footprint.network)

Data Source: Footprint Analytics Blockchain Game Research Page

In November 2024, the Web3 gaming industry saw significant market growth, but large-scale adoption strategies are still evolving. With Bitcoin hitting a historic high and approaching the $100,000 milestone, the gaming sector's market capitalization surged by 79.1% to $35.1 billion. Despite strong traditional metrics, with daily active users reaching 5.5 million, the industry still faces challenges in blockchain integration and large-scale adoption.

Macroeconomic Market Review

In November, the cryptocurrency market made history, with Bitcoin skyrocketing from $69,386 to $96,427, an increase of 39.0%. Ethereum followed closely, rising by 47.8% from $2,511 to $3,711. Bitcoin's outstanding performance allowed it to surpass silver and Saudi Aramco, firmly securing the seventh position among global assets after nearing the $100,000 mark on November 23.

Data Source: Bitcoin and Ethereum Price Trends

The results of the U.S. elections acted as a catalyst for growth in the crypto market, potentially impacting comprehensive cryptocurrency legislation and regulatory oversight. The market reacted positively, particularly reflected in the performance of popular sectors such as memecoins, decentralized artificial intelligence (deAI) projects, and decentralized science (DeSci).

The broader financial market also performed strongly. The financial sector led the stock market amid expectations of U.S. tax reform and deregulation. However, the international market experienced some volatility, with the renminbi under pressure due to concerns over potential U.S. tariffs, while gold prices fell as election-related uncertainties eased.

Blockchain Game Market Overview

In November, blockchain game tokens experienced significant growth in the crypto market bull run, with market capitalization skyrocketing from $19.6 billion to $35.1 billion.

Data Source: Blockchain Game Token Market Capitalization and Bitcoin Market Capitalization

The sector's average daily trading volume showed a similar trend, increasing by 79.4% to $11.9 million.

Data Source: Daily Trading Volume of Blockchain Games

Daily active users reached a new high in November, with an average DAU of 5.5 million, a 15.7% increase from October. This growth was primarily driven by sustained user activity on opBNB and the solid performance of the Ronin ecosystem.

Data Source: Daily Active Users of Blockchain Games

Trading metrics showed complexity. While the average daily transaction volume reached 15.3 million (up 3.3% from October), the average number of transactions per user dropped from 3.131 to 2.810. Monthly total transaction volume remained stable at 460.4 million, indicating a declining trend in the intensity of new users' engagement with blockchain functionalities.

Data Source: Daily Transaction Counts of Blockchain Games

Games like Off The Grid may represent a critical turning point in the industry's approach to blockchain technology adoption. By positioning themselves as traditional games with optional blockchain elements rather than "NFT games," they reflect that large-scale adoption may require more nuanced integration of blockchain technology. This strategy of "making blockchain functionalities optional and invisible" helps overcome initial resistance from many gamers towards cryptocurrencies, reducing friction, but also raises fundamental questions about the role of blockchain in gaming.

The technical challenges facing full-chain games remain significant. Existing blockchain infrastructure struggles to meet the high throughput demands of real-time gameplay, competitive matchmaking, and modern gaming. While Layer 2 solutions and dedicated gaming public chains are emerging, the gap between traditional gaming performance expectations and blockchain capabilities continues to influence development strategies.

Despite the current bull market providing favorable conditions for growth, the Web3 gaming sector has yet to produce a defining breakthrough moment. The industry seems to be at a crossroads between maintaining crypto-native appeal and achieving large-scale adoption, requiring game projects to balance both aspects effectively while ensuring that the technological infrastructure keeps pace with their ambitions.

Overview of Blockchain Game Public Chains

In November, the number of active games on blockchain networks reached 1,696, a 4.6% increase from October. In terms of game distribution, the market leaders remain BNB Chain, Polygon, and Ethereum, with shares of 20.9%, 15.4%, and 13.4%, respectively.

Data Source: Daily Active Game Users on Each Public Chain

The growth momentum of opBNB continues, with average DAU increasing by 46.1% from October. This growth is primarily driven by its flagship games SERAPH: In The Darkness and MEET48, while the platform also benefits from projects migrating from the BNB Chain.

Ronin showed significant recovery, with DAU doubling from 600,000 to 1.2 million in November, thanks to new partnerships that brought in multiple game studios, the launch of the new game Fableborne, and a resurgence in player numbers for the existing game Lumiterra.

The TON gaming ecosystem faces challenges, with DAU declining by 41.9% to 116,400, highlighting the on-chain retention challenges of Telegram-based games. However, there are exceptions in the industry. Sui's average DAU in November was 233,300, a 23.1% increase from the previous month. The Telegram game BIRDS contributed the majority of the user base, with an average DAU of 224,900, and its weekly new user retention rate can be considered a current benchmark in the blockchain gaming industry.

Data Source: Weekly Retention Rate of BIRDS Game Users

The Web3 gaming industry continues to coexist with both challenges and opportunities. More industry participants are engaging in blockchain gaming infrastructure, and more gaming public chains are emerging. As one of the largest Web3 gaming guilds, Yield Guild Games (YGG) launched its Studio Chain, building its own gaming infrastructure.

At the same time, B3 introduced the Open Gaming Layer, with Prime Chain being its first launched blockchain. Developed by the Echelon Prime Foundation, Prime Chain will provide infrastructure and development momentum for the ambitious sci-fi card game Parallel.

Overview of Blockchain Games

As of the end of November, there were a total of 3,602 blockchain games in the industry, with 1,361 maintaining active participation. Among these games, 298 attracted over 1,000 monthly active users (MAU), accounting for 21.9% of active games.

Data Source: Monthly Active Blockchain Games Count

Analyzing Telegram game metrics, we can see a significant gap between platform users and blockchain participation. As of November 30, Hamster Kombat ranked second in monthly active Telegram games with 26.16 million MAU, but its on-chain users were only 736. Even MemeFi, which achieved the highest conversion rate among the top 10 games, had an on-chain participation rate of only 7.96%, with 1.36 million TON users.

Data Source: Top Telegram Games MAU and Corresponding TON On-Chain MAU

Despite these conversion challenges, the success of the Telegram gaming ecosystem is prompting broader imitation by social media platforms. Line, a messaging platform dominated by Japan, Taiwan, Thailand, and Indonesia, announced plans to launch 30 mini dApps by the end of January, expanding to 150 by the end of Q1 2025. These mini dApps will be built on the Kaia blockchain, with gaming applications making up the largest portion, along with social and DeFi applications.

At the same time, the Solana-based project Sonic X has surpassed 1 million KYC-verified users through TikTok integration. The platform's success stems from its seamless onboarding process, allowing users to access games directly through their TikTok accounts, while Solana wallets are automatically created in the background. This achievement showcases TikTok's potential as an entry point for Web3 gaming.

Blockchain Game Investment and Financing Situation

In November, Web3 games secured 18 financing rounds, totaling $73.6 million. Although the number of events increased by five compared to October, the total amount decreased by 22.3%. Additionally, eight events did not disclose specific financing amounts.

November 2024 Blockchain Game Investment and Financing Events (Source: crypto-fundraising.info)

Monkey Tilt led this month's financing with $30 million in Series A funding, led by Pantera Capital. The platform combines gaming, entertainment, and gambling features, achieving $200 million in monthly betting volume since its launch in March. The platform includes social features such as in-game chat and user-to-user tipping, but remains unavailable in major markets like the U.S., U.K., and Australia due to regulatory reasons. Despite regulatory challenges, the gambling sector continues to attract attention, with FanDuel, BRKT, and BoxBet also securing financing.

Other notable financing news includes Animoca Brands' additional investment of $10 million in Mocaverse, building on a previous investment of $31.88 million. This investment includes warrants for MOCA Coin tokens at a fully diluted valuation of $1 billion, supporting Mocaverse's further development of interoperable infrastructure for mainstream cryptocurrency adoption.

The data in this report is sourced from Footprint Analytics' Games Research page, a real-time data dashboard providing comprehensive and reliable Web3 gaming statistics. If you find any chains or games not included and wish to have them added to the dataset, please contact us. You can also submit contracts through this link.

This content is for industry research and communication purposes only and does not constitute any investment advice. The market carries risks; investment should be approached with caution.