In February, the blockchain gaming sector skilled important progress on account of rising cryptocurrency costs and person exercise. Regardless of this progress, the business struggles to retain customers. Bitcoin and Ethereum, the highest cryptocurrencies, gained considerably this month. In February,reached $62,404 after rising 46.5%. It crossed $60,000 for the primary time since This fall 2021.a lso grew, boosting market optimism.
February 2024 Web3 Sport Report
In February the blockchain gaming sector skilled notable growth because of the rise of cryptocurrency costs and lively customers however the business nonetheless faces challenges with person retention and engagement
Month-to-month Market Overview
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Blockchain Sport Tokens Surge 54.0% Amid Cryptocurrency Increase
Blockchain recreation tokens gained 54.0% on account of cryptocurrency value will increase. The $18.5 billion milestone got here in February. As well as, each day lively customers (wallets) elevated by 28.9% from January to February to 2.3 million.
Regardless of these optimistic numbers, blockchain gaming remains to be struggling to retain customers. The month-to-month quantity and transactions didn’t develop as quick as costs and person exercise. Ronin, BNB CHAIN, and Polygon dominate the market as the preferred platforms. Nonetheless, the panorama stays fragmented. The variety of lively blockchain video games stayed round 2,880, however video games with over 1,000 customers decreased. Despite the fact that lively customers are rising, builders wrestle to recruit and retain gamers.
Regardless of these points, February noticed main blockchain gaming ecosystem modifications. Oasys, a platform that gives Layer 1 (L1) and Layer 2 (L2) networks for video games, gained consideration because of Com2uS_Korea and Metabora SG’s strategic partnerships. These partnerships display Oasys’ rising prominence in blockchain gaming.
Blockchain Gaming Struggles with Consumer Retention Regardless of Trade Progress
Web3 gaming funding and funding continued all through February. Traders nonetheless imagine in blockchain gaming, as $83.6 million was raised in 19 funding rounds. Nonetheless, 89.5% of those investments have been underneath $10 million. This means a extra cautious method to investing as buyers search to revenue from the altering blockchain gaming business and increase.
Regardless of the optimistic momentum, the business additionally confronted setbacks through the month. For instance, PlayDapp misplaced $290 million in tokens on account of two exploits. This occasion highlights the dangers of recent applied sciences and the significance of blockchain gaming ecosystem safety.
Lastly, cryptocurrency costs and person exercise elevated, however person retention and engagement stay points. Strategic partnerships, funding, and technological advances are producing new concepts within the house, paving the way in which for future progress and growth. Stakeholders keep alert to reap the benefits of the business’s enormous potential whereas navigating its challenges.