Blockchain gaming investments reached nearly $1B in April

Blockchain gaming saw investments totaling $988 million in April, the highest since January 2021. The number of daily unique active wallets also reached a record-setting 2.9 million for blockchain gaming.

DappRadar, in partnership with the Blockchain Gaming Alliance, released its April blockchain gaming report on May 17. The banner month for the sector accompanies similar trends in the overall decentralized applications (DApps) market.

According to the report, the recent boon can be attributed to several factors, including renewed consumer interest in digital assets within the context of gaming:

“The trend of play-to-airdrop continues to drive interest in blockchain gaming. Additionally, the current buzz in the Web3 industry centers on the proliferation of new gaming tokens.”

Among blockchain gaming platforms, Ronin’s “Pixels” has led it to a first-place finish for the month. This leaves previously market leader Polygon in the silver slot on the strength of its catalog of games, which includes Matr1x and Qorpo World.

To say April was a high mark for blockchain gaming might be an understatement. The first quarter of 2024 saw a total of $288 million in blockchain gaming investments. April’s investments alone more than tripled that amount, stopping just $22 million short of reaching a cool billion.

The report also noted that the metaverse is beginning to show signs of positive growth in April. Among the top metaverse-related nonfungible token (NFT) collections, Mocaverse blazed an $8.4-million trail in trading volume, metaphorically blowing the competition away. The next closest by trading volume was Farmland by Pixels, with $1.48 million. Otherdeed by Otherside also broke the million-dollar mark, with $1.02 million in trading volume.

Per DappRadar:

“Despite facing significant challenges, including the industry-wide impact of 20,000 layoffs, the blockchain gaming sector is showing strong signs of resurgence and growth.”

Also noted, recent moves by major players in the gaming industry, such as Ubisoft and Square Enix, may indicate a high upside for the sector. “Blockchain gaming has received a significant boost this April,” write the report’s authors before concluding that the sector has “been rejuvenated and seems ready to capitalize on new technologies and innovations.”