Blockchain gaming accounted for over 25% of on-chain activities in Q3, with over 4.4 million daily active wallets.
Blockchain gaming (GameFi) was responsible for one-quarter of the total on-chain activity in Q3 2024.
According to DappRadar’s report, blockchain gaming accounted for 26% of Web3 activity, driven largely by an increase in daily active wallets. The report revealed that 4.4 million daily active wallets were linked to blockchain gaming in Q3, reflecting a 21% increase from the previous quarter.
This surge positions (GameFi) as a cornerstone of the Web3 ecosystem.
Ronin Network Tops Active Users
The report further revealed that Ronin Network had the highest active daily wallets (over 1 million) among the most active GameFi networks, a 34% growth from Q2. This increase underscores Ronin’s continued dominance in the blockchain gaming space, primarily fueled by popular games like Axie Infinity.
Other notable blockchain networks like Oasys and opBNB also experienced significant growth during the quarter. Oasys noted a 4,711% increase in daily wallets, while opBNB grew by 480%.
Despite the surge in user engagement, blockchain gaming faced a sharp decline in investment during Q3. DappRadar’s data showed a 90% drop in venture capital funding for gaming projects, with the sector securing $110 million, a low compared to previous quarters.
Notably, 79% of the funding was directed toward infrastructure development rather than game-specific ventures.
VCs Shift Focus to AI
The broader crypto sector also witnessed a reduction in venture capital activity. Galaxy Digital reported that total VC funding across the cryptocurrency space fell by 20% in Q3, totaling $2.4 billion across 478 deals.
However, Gabe Parker, a research analyst at Galaxy Digital, noted that startups focused on artificial intelligence services experienced a notable increase in funding, a 5-fold growth compared to the previous quarter.
In contrast, sectors like non-fungible tokens (NFTs), the metaverse, and GameFi recorded a 39% decline in investment, their largest quarter-on-quarter drop across all categories.
Optimism Remains About Blockchain Gaming Potential
Despite the 90% decrease in funding for Blockchain gaming projects, DappRadar’s blockchain expert, Sara Gherghelas, remained optimistic about the industry’s long-term potential. She noted that the industry is focused on building critical infrastructure for future growth.
According to Gherghelas, the groundwork being laid now will support the sector’s evolution as the technology matures. Meanwhile, the metaverse sector exhibited a complex dynamic in Q3, with declining trading volumes but rising sales.
Hence, Gherghelas remarked that the metaverse is still capturing interest as its economic structure continues to evolve.
Disclaimer
For paid/sponsored articles, FintechMode neither endorses nor takes responsibility for the accuracy, timeliness, quality, and content of said articles. The statements, views and opinions expressed in paid/sponsored articles are solely those of the content provider and readers are reminded that Cryptocurrency products are unregulated in most locations and can be highly risky. Do your own research and consult relevant financial experts before making any investment decisions. FintechMode will not be held accountable, either directly or indirectly, for any harm or loss that may stem from or be linked to the usage or reliance on any information, goods, or services mentioned on this page. If you have any concerns, please email [email protected] or refer to our Terms & Conditions
