October 2024 Chain Game Research Report: TG game explodes? Ubisoft enters the market strongly!

In October 2024, the Web3 gaming market performed steadily, and this report analyzes key developments such as the record number of Web3 game users, the explosion of on-chain Telegram games, and the entry of traditional gaming giant Ubisoft. (Synopsis: The on-chain indicator fell across the board, who killed the vitality of the Telegram mini-game?) (Background added: Understand the rules of the encryption game to help you become a market winner) In October 2024, the Web3 gaming market performed smoothly, in contrast to the broader encryption market. BTC rose 15.9% during the month, near its all-time high, while the game TokenMarket Cap remained at $21.15 billion, close to the previous month. The number of daily active users reached 5.3 million, mainly driven by Telegram-based games, especially Block chains such as Matchain, Sui and Core that achieved significant user rise through the introduction of Telegram games. There were several important developments this month: traditional gaming giant Ubisoft launched its first Block chain game on Oasys, and encryption fund VanEck invested in Gunzilla Games. At the same time, money continues to flow into the industry, with Azra Games, for example, receiving $42.7 million in funding. Macro Market Review In October, the performance of the encryption market was mixed, with BTC showing significant strength while gains in other areas were more modest. BTC rose from $60,764 to $70,398, an increase of 15.9%. Notably, BTC hit $72,751 on October 29, close to the all-time high of $73,104 set on March 14, 2024. In contrast, Ethereum's performance was more muted, rising from $2,453 to $2,519, a rise of just 2.7%. Source: BTC and Ethereum PA October's encryption market was significantly impacted by the macroview environment. The dollar strengthened, People's Coin weakened, and concerns about trade tensions and tariff risks intensified. This volatility, accompanied by rising bond yields and rising gold prices, indicates a complex shift in global risk perception and investment flows. As the US election approaches, political factors are increasingly influencing market sentiment. Investors laid out ahead of possible policy changes, BTC's gains accelerated, and the market weighed the impact that different election results could have on digital asset regulation and financial policy. Institutional activity remained strong during the month, with BTCexchange trading products (ETPs) recording large net inflows. This continued institutional interest, combined with the significant divergence of BTC's performance from other encryption sectors, shows an increasingly selective placement by large investors. Regulatory developments continue to impact the market landscape. The FBI's investigation into NexFundAI's Token through "phishing enforcement" was an important milestone, leading to market manipulation charges against three cryptocurrency companies and 15 individuals. At the same time, the Crypto.com lawsuit against the SEC highlights the ongoing tensions between industry players and regulators. Block Chain Game Market Overview In October, the Block Chain game industry showed mixed signal, TokenMarket Cap was stable, but there were significant changes in user indicators. Block Chain Game TokenMarket Cap rose slightly from $21.07 billion to $21.15 billion. Source: BlockChain Games TokenMarket Cap and BTCMarket Cap user engagement metrics showed greater changes, with daily active users (DAUs) reaching a new high of 5.3 million in October, up 11.3% from September. This rise was mainly influenced by Matchain's peak user metrics between October 10 and 13, which launched four games in the Telegram ecosystem. Telegram's surge in gaming-related activity continues to reshape user acquisition patterns. Source: Block Chain Games Daily Active Users The number of transactions showed a moderate rise, with an average daily volume of 9.3 million, slightly up 2.1% from September. However, this rise rate is still lower than DAU's rise, and the single-user volume is the same as in September. Source: Block Chain Games Daily Transactions The transaction value contracted slightly, with the average daily transaction value falling by 1.9% to 7.5 million. Source: Block Chain Game Daily Transaction Amount These metrics have special significance in the context of broader cryptocurrency adoption. A16z released the State of Encryption 2024 report, which estimates that there are currently between 30 million and 60 million active Encryption users, representing 5-10% of the total 617 million global Encryption users reported in June 202 Crypto.com 4. This significant gap highlights a significant opportunity: converting existing cryptocurrency holders into active users. Although Web3 games have long been seen as an important catalyst for the widespread adoption of the Block chain, their performance in the current market cycle shows that there are still challenges to realize this potential. How can the builders of Block Chain Games adjust their strategies to bridge this engagement gap? We'll talk more about that below. Block Chain Game Public Chain Overview The number of active Block Chain games reached 1,606 in October, slightly up 1.6% from September. BNB chain, Polygon and Ethereum lead the way with 22.5%, 18.4% and 13.6% market share, respectively. Source: Share of active game projects by public chain The DAU metric shows a change in the competitive landscape, with opBNB, Ronin and the emerging Matchain becoming the top-performing chains. These chains had an average DAU of 1.2 million, 886,000 and 548,000, respectively, and accounted for 25.6%, 13.1% and 11.2% of the DAU market share by the end of October. Source: Daily active game users by public chain opBNB's rise is strong, with an average daily DAU rise of 10.5% compared to September, mainly driven by GombleGames and Alliance Games, which have more than 100% and 78% of users, respectively. Interestingly, this rise reflects the BNB chain's shift of Block chain games to opBNB development, while the BNB chain itself has seen a 43.8% drop in daily DAU. Matchain, a Decentralization AI block chain focused on data and identity sovereignty, launched Mainnet in August. The chain's average daily users surged from 78 in September to 548,000 in October, largely driven by Telegram-based games like LOL, Jumper, and Digiverse. Between October 9 and 13, Matchain's performance peaked, averaging 2 million DAUs, and even peaked at 3.3 million DAUs on October 12. Although the number of users has since dropped significantly, it stabilized at about 615,000 in the last week of October. DAU ...