The first quarter of 2025 kicked off with a complex macroeconomic backdrop, as ongoing trade wars and rising geopolitical tensions added new pressure on global markets. The Web3 industry hasn’t been immune—token prices have been particularly volatile, and investor sentiment remains cautious.
In this report, we turn our focus to the blockchain gaming sector to explore how it’s weathering the storm. From player activity and top-performing games to infrastructure investments and metaverse dynamics, we unpack the key trends shaping Web3 gaming today. While certain metrics point to a cooling period, there are also signs of resilience, innovation, and long-term building that hint at a promising future.
Whether you’re a developer, investor, or gamer, this report offers data-driven insights to help you navigate the current state of blockchain gaming.
Key takeaways
- Blockchain gaming reached 5.8M daily unique active wallets (dUAW) in Q1 2025, marking a 6% decline from the previous quarter, in line with the broader slowdown across the Web3 ecosystem.
- opBNB remains the leading gaming chain, while Aptos, SKALE, and Sei see strong momentum from hit titles like STAN, Pixudi, and Hot Spring.
- Top games such as World of Dypians, Pixudi, and Age of Dino continue to drive engagement through roadmaps, partnerships, and ecosystem expansions.
- Metaverse NFT trading volume dropped 28%, with Mocaverse standing out for its strategic partnerships and growing identity ecosystem.
- Web3 gaming investments totaled $91M, a 71% decrease QoQ, yet deal count rose 35%, showing investor interest in early-stage infrastructure plays.
- Major funding rounds included MARBLEX ($20M), Beamable ($13.5M), and The Game Company ($10M)—all focused on scalable gaming infrastructure.
Table of Contents
- Blockchain gaming overview
- Top Web3 games of Q1 2025
- Metaverse performance overview
- Investments overview
- Closing words
1. Blockchain gaming overview
In Q1 2025, the Web3 industry experienced a slight cooldown, with daily Unique Active Wallets (dUAW) reaching 24.6 million—a modest 3% decrease compared to the previous quarter. This dip was also reflected in the blockchain gaming sector, where activity dropped by 6% quarter-over-quarter, settling at 5.8 million dUAW.
As highlighted in our Q1 2025 Dapp Industry Report, the gap between DeFi and gaming continues to narrow. However, new narratives are emerging and carving out their own space in the ecosystem. Notably, AI and Social dapps are gaining traction, suggesting a more diverse and competitive landscape. This shift is clearly illustrated in the visual below.
When it comes to gaming activity by chain, opBNB remains firmly in the lead as the most used gaming blockchain this quarter.
Other chains are also making notable strides. Aptos has secured second place, driven primarily by the success of STAN. SKALE continues to grow steadily thanks to games like Pixudi and motoDEX, while Sei has made its debut in our top five list—propelled by the growing popularity of Hot Spring.
2. Top Web3 games of Q1 2025
In Q1 2025, the Web3 gaming landscape continued to be led by established favorites like World of Dypians, while other titles steadily solidified their presence in the space.
World of Dypians
In January, World of Dypians released its 2025 roadmap, outlining plans to roll out new quests, AI-enhanced gameplay mechanics, and customizable NFT characters—signaling an ambitious year ahead.
Pixudi
March saw Pixudi crowned as one of the winners of Season One in the Super dApp Showdown, a competitive showcase organized by Layer-1 blockchain platform Supra.
Age of Dino
Age of Dino made headlines with its move to BNB Chain, a strategic shift aimed at improving scalability and delivering smoother in-game experiences.
Pixels
Pixels kicked off the year by partnering with Mocaverse on a campaign that wrapped up on January 12. This collaboration introduced Moca ID integration, boosting interoperability through enhanced identity verification.
Beyond individual titles, gaming NFT collections also performed well. Guild of Guardians maintained its spot as one of the most sought-after collections for in-game assets, while Gods Unchained continued to assert its position as a top-tier NFT trading card game.
We’re seeing a consistent trend of games rolling out updates, expansions, and innovative features to stay competitive. To keep up with the latest alpha and discover emerging titles, check out our Gaming Narrative Pages.
3. Metaverse performance overview
The metaverse still holds potential to shape the future of the digital landscape. However, interest within the Web3 industry has shifted, and metaverse-related activity continues to trend downward. Current macroeconomic conditions have also played a role in this decline.
In Q1 2025, metaverse-based NFT collections generated nearly $15 million in trading volume across approximately 32,824 sales. These figures reflect a 28% decrease in volume and a 37% drop in sales count compared to the previous quarter.
Among the leading projects, Mocaverse remains one of the most actively traded and widely used. The project has rolled out a number of key updates this quarter. Notably, Mocaverse expanded its Moca Network by forging partnerships with Anime Foundation, MyAnimeList, and One Football. These alliances aim to onboard a potential audience of over 218 million monthly active users, introducing identity layers like Anime ID and Football ID.
Additionally, a strategic collaboration with the TON Foundation was launched to tap into Telegram Messenger’s vast user base, focusing on culturally relevant verticals such as casual gaming and sports. Meanwhile, The Sandbox continued to grow its network of brand and artist collaborations, creating new virtual experiences and digital assets on its platform.
What’s particularly worth noting is how the very definition of the metaverse may be evolving. Rather than existing as a standalone Web3 concept, the future of the metaverse may be intertwined with advancements in AI, VR/AR, and connectivity technologies.
A report by Future Markets projects the industrial metaverse to surpass $150 billion by 2035, driven by adoption in manufacturing, logistics, energy, and other sectors. Technologies such as digital twins, remote maintenance, immersive training, and real-time production optimization are already being piloted by major companies like Siemens and Boeing—pointing to a broader, more utility-driven version of the metaverse that emphasizes efficiency, sustainability, and innovation.
4. Investments overview
The investment landscape has increasingly shifted towards real-world assets (RWA) and artificial intelligence, a trend that has continued into Q1 2025. As we mentioned earlier, the current macroeconomic environment is far from favorable. With growing concerns of a global recession, investor sentiment appears cautious—and the numbers back this up.
This quarter, Web3 gaming projects raised a total of $91 million, marking a 71% decrease from Q4 2024 and a 68% drop compared to Q1 2024. These figures highlight the growing pressure on early-stage startups and hint that 2025 may prove more challenging than previous years—unless broader market conditions improve.
However, there is a silver lining. Despite the significant drop in capital raised, the number of deals closed increased by 35% quarter-over-quarter. This suggests that while investors are writing smaller checks, they’re still actively engaging with a broader range of projects—indicating continued interest, albeit with more cautious allocation.
So, where is the money going?
The majority of funding this quarter went into infrastructure-focused projects, which reinforces a long-standing truth in Web3 gaming: strong infrastructure is essential for scalable, high-quality gaming experiences. Better tools, more efficient backends, and seamless blockchain integration are top of mind for both developers and investors.
Here are three standout investment stories from Q1 2025:
- MARBLEX, the blockchain gaming division of Netmarble, unveiled a strategic pivot for 2025. Moving beyond a focus on RPGs, the company is embracing a Semi-Publishing Model to support a wider variety of Web3 games. This transition is underpinned by a $20 million joint fund in collaboration with Immutable—one of the largest investments in blockchain gaming to date. The model emphasizes quality and offers developers hands-on support across blockchain integration, business development, and marketing.
- Beamable raised $13.5 million to build decentralized backend infrastructure for online games. By moving away from centralized data centers, Beamable aims to provide game studios with a more scalable and cost-efficient alternative, tailored for the unique needs of Web3 gaming.
- The Game Company (TCG), a Dubai-based gaming startup, secured $10 million through a mix of equity and token sales. Their focus: cloud gaming powered by blockchain. With its proprietary low-latency tech, TCG has developed a platform that enables users to play any game—from PC to console—on virtually any device, anywhere in the world, with minimal lag.
Despite a sharp decline in total funding, the increase in deal volume and continued focus on infrastructure signal that investor confidence in the long-term potential of Web3 gaming remains intact.
5. Closing words
Q1 2025 showcased a mixed bag for the blockchain gaming sector. While overall activity and investment volumes dipped due to broader market headwinds, the increased number of deals, ongoing development of infrastructure, and the consistent performance of top games highlight a resilient and evolving ecosystem.
As the industry matures, we’re seeing a clear push toward quality, innovation, and interoperability—whether through upgraded gameplay, new identity layers, or AI-enhanced mechanics. Although challenges persist, the foundational work being done today is laying the groundwork for the next wave of Web3 gaming breakthroughs.
At DappRadar, we’ll continue to monitor these developments closely—so stay tuned, follow our Gaming Narrative Pages, and track the real-time data that drives this ever-changing landscape.
