Analysis of the Blockchain Game Industry in November 2024: Development and Challenges in the Context of the Bull Run

In November 2024, the Web3 gaming industry achieved significant growth driven by the overall rise of the cryptocurrency market. However, despite strong financial indicators, the industry still faces many challenges in integrating Blockchain technology and achieving mass user adoption.

Market Overview

In November, the cryptocurrency market reached a historical high. The price of Bitcoin surged from $69,386 to $96,427, an increase of 39.0%. Ethereum followed closely, rising by 47.8%, climbing from $2,511 to $3,711. Bitcoin's strong performance pushed its market value past silver and a certain oil company, making it the seventh largest asset in the world.

The results of the U.S. election have become an important driving force for the growth of the cryptocurrency market, potentially having a significant impact on future cryptocurrency legislation and regulation. The market has reacted positively, especially reflected in the performance of popular sectors such as meme coins, decentralized artificial intelligence projects, and decentralized science.

Blockchain Game Market Performance

The market value of blockchain game tokens surged from $19.6 billion to $35.1 billion, an increase of 79.1%. The average daily trading volume also increased significantly, reaching $11.9 million, up 79.4% from last month.

The number of daily active users has reached a new high, with an average daily DAU of 5.5 million, an increase of 15.7% compared to October. This growth is mainly attributed to the sustained user activity on a certain Layer 2 network and the stable performance of a certain gaming ecosystem.

However, the trading indicators show complexity. Although the average daily trading volume reached 15.3 million transactions (a 3.3% increase from October), the average number of transactions per user per day decreased from 3.131 to 2.810. This indicates a declining trend in the intensity of new users' usage of Blockchain features.

Adoption and Challenges of Technology

Some games have started to adopt a strategy of "making blockchain features optional and invisible" to lower the entry barrier for users. While this approach helps to overcome many players' initial resistance to cryptocurrency, it also raises fundamental questions about the positioning of blockchain in games.

Full-chain games still face significant technical challenges. Existing Blockchain infrastructure is struggling to meet the real-time gameplay, competitive matching, and high throughput demands of modern gaming. Although new solutions are constantly emerging, the gap between traditional gaming performance and Blockchain capabilities continues to affect development strategies.

Public Chain Ecosystem Analysis

In November, the number of active games reached 1,696, an increase of 4.6% compared to October. A certain Layer2 network continues its growth momentum, with an average DAU increasing by 46.1% compared to October. A certain game-specific chain has shown significant recovery, with DAU doubling from 600,000 to 1.2 million in November, thanks to new partnerships and the launch of new games.

However, a certain public chain game ecosystem is facing challenges, with DAU dropping by 41.9% to 116,400, highlighting the on-chain retention challenges of games based on a certain social platform.

Game Project Analysis

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

Some social media platform game metrics show a significant gap between platform users and Blockchain participation. Even for games that achieve the highest conversion rates, their on-chain participation rate is only 7.96%.

Investment and Financing Situation

In November, Web3 games secured 18 financing deals, totaling $73.6 million. Despite the increase in the number of events, the total amount decreased by 22.3% compared to October. A certain gaming platform led the way with $30 million in Series A funding, combining gaming, entertainment, and gambling features.

A well-known investment company has added an investment of $10 million to a certain metaverse project to support its further development of interoperable infrastructure.

Overall, although the blockchain gaming industry performs strongly in financial metrics, it still faces significant challenges in technical integration and user adoption. The industry is at a crossroads of maintaining crypto-native appeal and achieving mass adoption, and future development will depend on how to balance these two aspects and promote advancements in technological infrastructure.