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Over 25% of On-Chain Activity in Q3 2024 was Driven by Blockchain Gaming — New Report

16 October 2024
in News, Web3
Reading Time: 3 mins read
104 5
Home News

Web3 gaming represented more than 26% of on-chain activity in Q3, driven by 4.4 million daily active wallets—a 21% rise in unique daily wallets compared to the previous quarter, according to a new report from DappRadar.

The Ronin Network led the way, maintaining its dominance with over 1 million daily active wallets, a 34% increase from Q2. Oasys and opBNB also saw impressive growth, with Oasys surging by 4,711% and opBNB rising by 480%, positioning themselves among the top-performing gaming blockchains.

According to DappRadar, investment in blockchain gaming experienced a sharp decline, with a 90% drop from the previous quarter, totalling $110 million. Of this, 79% was allocated to infrastructure projects. Furthermore, recent data from blockchain investment firm Galaxy Digital reveals that venture capital funding in the crypto sector decreased by 20% in Q3, reaching $2.4 billion across 478 deals.

Gabe Parker, a research analyst at Galaxy Digital, highlighted that crypto startups focused on artificial intelligence services saw a fivefold increase in funding quarter-over-quarter. In contrast, those focused on non-fungible tokens, the metaverse, and gaming experienced a 39% drop, which Parker described as the “largest QoQ decrease in VC investment across all categories.”

Sara Gherghelas, an analyst at Dappradar, noted that although investments in the Web3 gaming space significantly declined from the previous quarter, the industry is still “laying critical infrastructure for future growth.” Meanwhile, the metaverse saw a mix of declining trading volumes alongside rising sales, signalling “sustained demand despite fluctuating prices,” according to Gherghelas.

 

Notable investment events include HashKey Group partnering with Catizen to develop innovative Web3 gaming products using The Open Network (TON) ecosystem. Japanese conglomerate SBI Holdings also made an undisclosed investment in Oasys, a blockchain network focused on Web3 gaming, to boost liquidity for its native token and support the development of several blockchain games set for release later in 2024. Both initiatives aim to enhance global digital entertainment infrastructure and expand secure digital asset services.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: Blockchain Gaming
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Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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