In February, the blockchain gaming sector experienced significant growth due to rising cryptocurrency prices and user activity. Despite this progress, the industry struggles to retain users. Bitcoin and Ethereum, the top cryptocurrencies, gained significantly this month. In February,reached $62,404 after rising 46.5%. It crossed $60,000 for the first time since Q4 2021.a lso grew, boosting market optimism.
February 2024 Web3 Game Report
In February the blockchain gaming sector experienced notable expansion due to the rise of cryptocurrency prices and active users but the industry still faces challenges with user retention and engagement
Monthly Market Review
Bitcoin and Ether… pic.twitter.com/GvtL0Nf0r9
— Footprint Analytics (@Footprint_Data) March 11, 2024
Blockchain Game Tokens Surge 54.0% Amid Cryptocurrency Boom
Blockchain game tokens gained 54.0% due to cryptocurrency price increases. The $18.5 billion milestone came in February. In addition, daily active users (wallets) increased by 28.9% from January to February to 2.3 million.
Despite these positive numbers, blockchain gaming is still struggling to retain users. The monthly volume and transactions did not grow as fast as prices and user activity. Ronin, BNB CHAIN, and Polygon dominate the market as the most popular platforms. However, the landscape remains fragmented. The number of active blockchain games stayed around 2,880, but games with over 1,000 users decreased. Even though active users are rising, developers struggle to recruit and retain players.
Despite these issues, February saw major blockchain gaming ecosystem changes. Oasys, a platform that offers Layer 1 (L1) and Layer 2 (L2) networks for games, gained attention thanks to Com2uS_Korea and Metabora SG’s strategic partnerships. These partnerships demonstrate Oasys’ growing prominence in blockchain gaming.
Blockchain Gaming Struggles with User Retention Despite Industry Growth
Web3 gaming investment and funding continued throughout February. Investors still believe in blockchain gaming, as $83.6 million was raised in 19 funding rounds. However, 89.5% of these investments were under $10 million. This indicates a more cautious approach to investing as investors seek to profit from the changing blockchain gaming industry and expand.
Despite the positive momentum, the industry also faced setbacks during the month. For example, PlayDapp lost $290 million in tokens due to two exploits. This event highlights the risks of new technologies and the importance of blockchain gaming ecosystem security.
Lastly, cryptocurrency prices and user activity increased, but user retention and engagement remain issues. Strategic partnerships, investment, and technological advances are generating new ideas in the space, paving the way for future growth and development. Stakeholders stay alert to take advantage of the industry’s huge potential while navigating its challenges.
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