Author: stella@footprint.network
Data Source: Footprint Analytics GameFi Research
In March 2024, Bitcoin continued to set new records, successfully surpassing the mid-month low. Benefiting from the positive macroeconomic situation, the entire cryptocurrency market performed outstandingly. Meanwhile, the convening of the 2024 Game Developers Conference (GDC 2024) has become another important driving force for the development of the blockchain gaming industry, boosting the market value of blockchain gaming tokens by 24.1% and increasing the daily active user count by 17.5%. Major players in the gaming industry and public chains are actively investing in nurturing the Web3 gaming ecosystem. Let's pay attention to how these initiatives will be implemented and what results they will bring.
The data in this report comes from Footprint Analytics' Web3 Gaming Research page. This is an easy-to-use dashboard that contains the most important statistical data and indicators for understanding the Web3 gaming industry, and it is updated in real time. You can click here to learn about the latest information on prices, projects, financing, and more.
Market Review for This Month
In March, Bitcoin experienced significant fluctuations between "breakthroughs" and "volatility". Starting at $61,213 at the beginning of the month, it quickly surpassed the previous high of $69,000 and reached a historic high of $73,068 on March 14. Despite a 15.1% decline to $62,047 in the middle of the month, it recovered by the end of the month, closing at $69,656, with a monthly increase of 13.8%. In comparison, Ethereum's increase was relatively steady, starting at $3,344 and closing at $3,648, with a 9.1% increase.
Data Source: Bitcoin and Ethereum Price Trends - Footprint Analytics
The cryptocurrency market performed strongly in March, mainly due to expectations of interest rate cuts despite strong overall economic performance. This outlook intensified inflation concerns, making assets such as Bitcoin and gold more attractive. The price movements of Bitcoin were closely related to the performance of the U.S. Bitcoin spot ETF. The mid-month price decline was mainly due to a slowdown in the inflow of funds into the Bitcoin spot ETF and a reduction in leverage by traditional traders. However, market expectations for the Bitcoin halving event in April helped maintain its upward momentum.
Although Ethereum's increase was slightly less than Bitcoin's, it still maintained steady growth, partly because the prospects for the approval of a U.S. spot ETF seemed uncertain. The important network upgrade for Ethereum on March 13 (Dencun Upgrade/Cancun Upgrade) aimed to reduce Ethereum's transaction costs, thereby promoting activity within its ecosystem.
In March, the AI industry became the focus of the market, as Nvidia announced the Blackwell GPU and GB200 super chip at the GTC 2024 AI summit, igniting enthusiasm not only in the U.S. and global stock markets but also attracting widespread attention in the cryptocurrency market, driving up the cryptocurrency AI sector.
Overview of the Blockchain Gaming Market
This month, the market value of blockchain gaming tokens increased by 24.1% to reach $24.1 billion. This growth was not only due to the prosperity of the cryptocurrency market but also benefited from the promotion of the 2024 Game Developers Conference (GDC 2024). The conference further stimulated the activity of Web3 game developers and significantly increased market attention to gaming tokens.
Game Developers Conference (GDC)
Under the combined influence of market dynamics and major industry events, the average daily active users (wallets) in March continued to grow, reaching 2.7 million, an increase of 17.5% compared to February.
Data Source: Daily Active Users of Blockchain Games - Footprint Analytics
However, despite a rebound in trading volume since the third quarter of 2023, it has not yet returned to the peak levels of the second quarter of 2022.
Data Source: Quarterly Trading Volume of Blockchain Games - Footprint Analytics
Public Chain Data for Blockchain Games
In March, the ranking of game players shows that the Ronin, Polygon, and BNB chains are the platforms with the highest number of active players, accounting for 35.4%, 20.9%, and 10.8% of the market share, respectively. It is worth mentioning that Ronin and Polygon have further consolidated their leading positions, with their market shares increasing by 6.3% and 7.8% respectively compared to February.
Data Source: Percentage of Active Gamers - Footprint Analytics
In terms of trading volume rankings, Ethereum, Ronin, and BNB Chain dominate. In March, Ronin's trading volume reached $81.7 million, a 35.1% increase compared to the previous period, while BNB Chain experienced a 13% decline. With less than 10 games, Ronin's market share expansion momentum is strong. As Ronin continues to add new games, its growth potential is expected to further increase.
Data Source: Hot Games on Ronin - Footprint Analytics
Competition in the public chain sector is becoming increasingly fierce, with major public chains increasing their investments to promote the prosperity of the Web3 gaming ecosystem.
The Arbitrum Foundation announced a proposal to distribute 200 million $ARB tokens over two years to support gaming projects on its blockchain. Of these, 160 million $ARB will be allocated to game publishers and developers, with the remaining funds planned for infrastructure improvements. This proposal requires approval from the Arbitrum DAO.
Meanwhile, the Starknet Foundation is also taking active steps, establishing a dedicated gaming committee aimed at promoting the development of the Starknet gaming ecosystem. The committee plans to distribute 50 million $STRK tokens to support committee-approved gaming projects, especially those that can incentivize game development and player participation.
Additionally, Immutable, King River Capital, and Polygon Labs have jointly launched a $100 million "Inevitable Games Fund". This fund will combine the expertise of the three parties in the gaming and blockchain fields to seek and invest in promising game studios and Web3 infrastructure.
Overview of Blockchain Games
In March, the number of active blockchain games remained stable at 2,879, with no significant fluctuations in the market. However, the industry is generally expecting major breakthroughs to significantly increase user engagement.
Data Source: Monthly Active Games - Footprint Analytics
In this context, a question arises: will the popular game Notcoin this month become a game changer that the market is hoping for? This simple click game, based on the Telegram messaging app, has attracted over 35 million players in just a few months. Players can earn game coins by interacting with the Notcoin bot on Telegram, inviting friends, and starting the game. However, what prompted 35 million users to engage in this seemingly simple "click to earn game coins" game? The answer lies in the upcoming airdrop activity. Notcoin announced that in April, it will migrate its large amount of game coins to the blockchain using The Open Network (TON), which has attracted great attention in the market. But this has raised another question: if only game coins are on the blockchain and other game elements such as game mechanics, equipment, and data are not, can a game be called a "blockchain game"?
At the same time, March also saw the emergence of several outstanding games and platforms. Among them, Gala Games' token $GALA saw a surge of 69.6%. Gala is dedicated to building a large-scale AAA game platform, aiming to give players unprecedented freedom, control, and substantial rewards.
On the other hand, the Ethereum-based open-world fantasy battle game Illuvium has also made significant progress, successfully completing a $12 million Series A financing. Positioned as the first AAA game on Ethereum, Illuvium stands out with its full 3D environment, contrasting sharply with other blockchain games. In March, its $ILV token value increased by 18.2%.
Illuvium
Investment and Financing Situation of Blockchain Games
The gaming industry has experienced an investment boom, raising a total of $151 million, an 80.6% increase compared to the previous period, involving 26 rounds of financing. This significant growth highlights the continued favor and high attention of capital to the industry.
Blockchain Gaming Investment and Financing Events in March 2024 (Data Source: crypto-fundraising.info)
As the infrastructure of the industry, public chains are actively consolidating their positions and promoting ecosystem expansion through investments in gaming projects. Solana, in particular, has performed outstandingly, with its Solana Ventures investing in Parallel, and the Solana Foundation providing funding to Elixir Games. Parallel, with a financing amount of up to $35 million, became the largest project in terms of financing scale for the month.
At the same time, Avalanche has also made significant progress. The Avalanche Foundation strongly supported two projects: BloodLoop and Crystals of Naramunz. In addition, the Avalanche ecosystem fund, Blizzard Fund, provided financial support to Gunzilla Games, ranking second in March with a financing amount of $30 million.
Gaming giant Square Enix not only develops its own blockchain products but also invests in promising Web3 projects. In March, Square Enix injected funds into the game platforms Elixir Games and HyperPlay, and plans to introduce its game Symbiogenesis to the HyperPlay platform.
Traditional crypto funds have also been active. a16z Crypto supported MyPrize and MadWorld, while Animoca Brands supported Illuvium, MetaCene, and game infrastructure Param Labs.
Key Developments This Month
Ubisoft will become an XPLA ecosystem node validator.
South Korean gaming giant NHN's Web3 game platform Pebble has formed a strategic partnership with Footprint Analytics.
The game blockchain Saga announced the establishment of the Saga Origins Web3 game distribution department.
Sony is seeking a patent for "ultra-replaceable" game tokens.
South Korean game company Nexon revealed that the blockchain version of the game MapleStory Universe, Adventure Island Chain, has switched from Polygon to Avalanche.
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