Analysis of the Blockchain Gaming Industry in November 2024: Breakthroughs and Challenges Supported by the Bull Run

In November 2024, the Web3 gaming industry showed significant growth, but still faced challenges in large-scale adoption strategies. With Bitcoin prices nearing the $100,000 mark, the market value of the gaming sector surged by 79.1%, reaching $35.1 billion. Despite impressive industry metrics, with daily active users reaching 5.5 million, there are still some issues regarding Blockchain integration and widespread application.

Market Overview

In November, the cryptocurrency market performed strongly, with the price of Bitcoin soaring from $69,386 to $96,427, an increase of 39.0%. Ethereum followed closely behind, rising by 47.8%, climbing from $2,511 to $3,711. Bitcoin's market capitalization surpassed that of silver and Saudi Aramco, firmly maintaining its position as the seventh largest global asset after approaching the $100,000 mark on November 23.

The results of the U.S. election have become a catalyst for the growth of the crypto market and may impact cryptocurrency legislation and regulation. The market has reacted positively, especially reflected in the performance of popular sectors such as memecoins, decentralized artificial intelligence (deAI) projects, and decentralized science (DeSci).

Blockchain Game Market Performance

In November, the market value of blockchain gaming tokens surged from $19.6 billion to $35.1 billion. The average daily trading volume increased by 79.4% to $11.9 million. Daily active users reached a record high of 5.5 million, up 15.7% from October. This growth is primarily attributed to the sustained user activity on opBNB and the solid performance of the Ronin ecosystem.

Trading indicators show complexity. The average daily trading volume reached 15.3 million transactions, an increase of 3.3% compared to October, but the average number of transactions per user per day dropped from 3.131 to 2.810. The total monthly trading volume remains stable at 460.4 million transactions, and data indicates a declining trend in the usage intensity of blockchain features by new users.

Overview of Game Public Chain

In November, the number of active games reached 1,696, an increase of 4.6% compared to October. The BNB Chain, Polygon, and Ethereum still dominate the market, with shares of 20.9%, 15.4%, and 13.4%, respectively.

The growth momentum of opBNB continues, with a 46.1% increase in average DAU compared to October. Ronin shows significant recovery, with DAU doubling from 600,000 to 1.2 million in November. The TON gaming ecosystem faces challenges, with DAU decreasing by 41.9% to 116,400. Sui's average DAU in November was 233,300, an increase of 23.1% compared to the previous month.

Industry participants are actively investing in blockchain gaming infrastructure. Yield Guild Games has launched Studio Chain, B3 has introduced an open gaming layer and Prime Chain, providing infrastructure support for the ambitious sci-fi card game Parallel.

Game Overview

As of the end of November, the industry has a total of 3,602 Blockchain games, of which 1,361 remain active. 298 games attracted more than 1,000 monthly active users, accounting for 21.9% of active games.

Telegram game metrics show a significant gap between platform users and Blockchain participation. Even for MemeFi, which achieved the highest conversion rate among the top 10 games, its on-chain participation rate is only 7.96%.

Despite facing conversion challenges, the success of the Telegram gaming ecosystem is prompting social media platforms to follow suit. Line plans to launch 150 mini dApps, primarily focused on gaming applications, by the end of the first quarter of 2025.

The Solana-based project Sonic X has surpassed 1 million KYC-verified users through TikTok, demonstrating TikTok's potential as an entry point for Web3 gaming.

Financing Situation

In November, Web3 games received 18 rounds of financing, totaling $73.6 million. Although the number of events increased, the total amount decreased by 22.3% compared to October.

Monkey Tilt leads with $30 million in Series A financing, led by Pantera Capital. The platform combines gaming, entertainment, and gambling features, achieving a monthly betting volume of $200 million since its launch in March.

Animoca Brands has invested an additional $10 million in Mocaverse to support its development of interoperable infrastructure to drive mainstream cryptocurrency adoption.

Overall, the Web3 gaming industry is experiencing significant growth in November 2024, driven by the bull run, but it still faces challenges in technical integration and mass adoption. The industry is at a critical stage of maintaining its crypto-native appeal while achieving widespread application, requiring a balance between these two aspects and further improvement of the technical infrastructure.