According to the latest research, the bearish trends in the crypto market in 2023 were also reflected in the GameFi sector. The capitalization of 183 gaming tokens almost halved over the year.
Delphi Digital’s report shows that during 2023, the market capitalization of GameFi tokens didn’t exceed $7 billion, 86% lower than last year’s figures.
Delphi Digital’s statistics are based on an analysis of the performance of 183 tokens in the GameFi sector. Among the report’s other findings are:
- 76 new blockchain networks focused on GameFi projects were launched during the year;
- blockchain games generated on average 23 times more on-chain transactions than DeFi protocols;
- approximately 5% of all blockchain games have more than 100 unique user wallets connected daily;
- about 1.2 million unique active wallets generate between 15 and 25 million transactions daily in the GameFi sector;
- developers spent 77% more on attracting users to blockchain games than traditional game providers.
The report also indicates that the Asian market continues to lead the way in terms of GameFi users. Blockchain games are most popular in the Philippines, Nigeria, Pakistan, Singapore, Vietnam, South Korea, Hong Kong, China, and the UAE.
Among the key challenges for the sector’s development in 2024, Delphi Digital analysts identified:
- sustaining the rising costs of launching and developing Web3 games;
- creating effective financial incentives for players;
- scaling GameFi projects;
- competing to retain blockchain gamers.
Fortune Business Insights analysts predict that the global blockchain gaming market could reach $615 billion by 2030.
