Compared to 2024, blockchain game projects have struggled to attract funding this year, but analysts believe there is still a glimmer of hope as studios release new games aimed at mainstream gaming audiences.
In the third quarter, the blockchain gaming industry attracted $129 million in venture capital, making it the strongest quarter of the year and bringing the total for the year to $293 million so far.
However, this total is just a drop in the bucket compared to last year. In 2024, DappRadar recorded over $1.8 billion flowing into the blockchain gaming industry, while 2025 is expected to attract only 25% of the previous year's total so far.
DappRadar's content director, Robert Hoogendoorn, stated that the recent rebound in the third quarter may also be influenced by a broader surge in the cryptocurrency market.
"This successful glimmer cannot be viewed separately from the overall cryptocurrency market. The past few months have been a growth period, primarily driven by Bitcoin," he said in the "Blockchain Gaming Q3 Status" report released on Thursday.
Hoogendoorn noted that this "means development teams can no longer rely on half-baked products to secure funding."
In March, Sky Mavis co-founder Jeffrey Zirlin shared a similar view, telling Cointelegraph that crypto game investors are no longer blindly pouring funds into "Axie killers" that fail to deliver on promises.
In the three major funding rounds this quarter, developer E-PAL attracted $30 million for its gaming platform, first-person shooter game Shrapnel secured $19.5 million, and Indian studio SuperGaming raised $15 million to expand its battle royale game and develop its own L3 network on Base.
"Some projects can still thrive under unfavorable market conditions, while other project development teams have managed their funds well to overcome the hurdles of a bear market," Hoogendoorn added.
Hoogendoorn stated that mainstream adoption could provide some fresh blood for the industry, but there are currently "some difficulties in attracting mainstream audiences," and studios hoping to attract millions of gamers have had limited success.
"However, in the third quarter of 2025, we do see some well-known projects launching their games, creating a beacon of hope for this industry eager for mainstream acceptance," Hoogendoorn said.
Online data platform Statista estimates that there are over 2.7 billion active gamers worldwide, representing a huge market for blockchain-based games.
Related: NFT market rebounds strongly after $1.2 billion evaporated in Friday's crypto crash
Original article: “Blockchain Gaming Has a Tough Year, But Now There’s a ‘Glimmer of Hope’”
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