Let’s break down the year’s key highlights in Web3 gaming, quarter by quarter.
Starting with Q1 2024:
Daily Active Wallets (DAWs):
Top 10 Web3 games were buzzing, with 1.2 to 1.4 million on-chain daily active wallets, according to DappRadar. Leading the charge in gaming activity were BNB Chain, Polygon, and WAX, each contributing 20–30% of the action.
In-Game NFT Sales Volume:
NFTs had a strong quarter with sales ranging from $1.0 to $1.2 billion across major marketplaces like OpenSea and Magic Eden. Gaming NFTs alone accounted for 10–15% of overall transactions, based on CryptoSlam’s data.
Funding:
VCs invested heavily in blockchain gaming, pouring an estimated $450 to $500 million into studios focusing on cross-chain and mobile-friendly titles, according to Messari.
Q2 2024: Growth Accelerates
User Growth & DAWs:
By Q2, daily active wallets surpassed 1.5 million, fueled by new game launches in April and May. Footprint Analytics reported a 10–15% quarter-over-quarter growth for the top 20 GameFi projects.
NFT & Transaction Volumes:
Overall NFT sales dipped slightly due to market conditions, but in-game asset trading held steady at $1.1–1.3 billion. Polygon-based games saw a surge in users thanks to collaborations with Web2 gaming brands.
Regulatory Progress:
In Europe, MiCA regulations provided clarity for NFTs and tokens, which eased concerns for publishers expanding across borders.
Q3 2024: Scaling Up
On-Chain Transactions:
Weekly gaming transactions hit an average of 4–5 million on chains like BNB Chain, WAX, Polygon, and Ethereum Layer-2s. Top performers? Alien Worlds (WAX) and Upland (EOS), with each attracting over 200,000 unique weekly wallets.
In-Game NFT Sales:
Gaming NFTs maintained a 12–14% share of the NFT market, while EIP-2981 royalty standards helped developers secure more consistent revenue streams.
Funding & Partnerships:
While funding announcements slowed, partnerships between traditional publishers and Web3 infrastructure providers gained momentum, focusing on wallets and NFT integrations.
Q4 2024 (Preliminary Data):
User Retention:
Preliminary DappRadar data shows DAWs climbing to 1.6–1.8 million by November, with a boost from expansions in major titles like Illuvium and The Sandbox. Holiday events are expected to push these numbers even higher.
NFT Market Sentiment:
The broader NFT market cooled off, but gaming NFTs proved resilient. New cross-chain titles even showed modest growth in secondary sales.
Regulatory Milestones:
In APAC regions like Singapore and Hong Kong, crypto-friendly regulations encouraged experiments with blockchain-based tournaments. Meanwhile, partial U.S. clarity on tokens used for utility lowered legal risks for major studios.
Key Observations for Web3 Gaming 2024
- Consistent User Growth:
Despite crypto market volatility, blockchain games consistently gained users each quarter, as reported by DappRadar and Footprint Analytics. - Resilient Gaming NFTs:
Gaming NFTs held strong compared to the wider NFT sector, thanks to utility-driven demand rather than pure speculation. - Mobile and Layer-2 Dominance:
Messari and Delphi Digital highlighted the rise of mobile-friendly titles and Layer-2 networks like Polygon and Immutable as defining trends in Q2 and Q3. - Regulatory Clarity Drives Innovation:
Legislative frameworks in Europe (MiCA) and APAC sparked late-year collaborations between mainstream publishers and blockchain ecosystems, further validating tokenized economies.
2024 was a transformative year for Web3 gaming, showcasing consistent growth and resilience in the face of market challenges. From rising DAWs to the steady performance of gaming NFTs and key regulatory advancements, the industry has laid a strong foundation for future innovation. With mobile gaming and Layer-2 solutions leading the way, it’s clear that the Web3 gaming space is poised for even bigger strides in 2025.
