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April Crypto Crash: Chain Game Collapse & Funding Drought

Published 7 hours ago4 minute read

CITY – May 22, 2024 –

A challenging month, April saw a slowdown in blockchain gaming, yet the industry persistently aims to rebuild its foundations. Daily active users fell, and investments cooled, but innovation continues, with key games seeing progress. Thes trends, and the continued development of new offerings, highlight the potential for future growth in the space, and its evolution to mainstream adoption.

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Blockchain Gaming’s April Dip: Rebuilding for the Future

April presented a mixed bag for blockchain gaming. While user activity and investment cooled, the industry is far from stagnant. new infrastructure is emerging, major publishers are increasing their involvement, and promising games are nearing their debut. This report dives into the trends shaping the blockchain gaming landscape, highlighting both challenges and underlying progress.

Blockchain gaming remains a promising avenue for bringing Web3 to the mainstream. Though, user attention is shifting towards real-world assets and AI-driven projects.

The rise of memecoins has temporarily boosted defi’s prominence, creating a dynamic shift in dapp usage.

Data confirms this trend. Chain games saw a 10% decrease in daily active standalone wallets (dUAWs) in April, totaling 4.8 million.Gaming’s dominance in the dapp industry is also waning. While previously leading the pack, DeFi has regained traction due to the memecoin surge. AI is rapidly catching up, now holding 16% of the market share, while gaming and DeFi each account for 21%.

April Chain Game Report: Daily active users fell to annual lows, and financing amount fell by 69% month-on-month

Despite these shifts, growth continues, and funds are still flowing into the sector. The focus is moving away from speculative “play-to-earn” models towards gameplay,asset ownership,and community engagement.

April Chain Game Report: Daily active users fell to annual lows, and financing amount fell by 69% month-on-month

opBNB leads the top game chain list. Analyzing game DApp activity reveals engaging patterns.

April Chain Game Report: Daily active users fell to annual lows, and financing amount fell by 69% month-on-month

These figures highlight a critical issue: some chains are built around flagship games, while others, like Ronin, are evolving into broader ecosystems. The question is which chains will successfully develop into comprehensive gaming hubs, and which will remain tied to a single IP.

Here’s a closer look at some of the top games by activity in April:

april Chain Game Report: Daily active users fell to annual lows,and financing amount fell by 69% month-on-month

Gunzilla Games’ cyberpunk battle royale,Off the Grid (OTG),made notable strides in April. The team launched its customized GUNZ blockchain on Avalanche around April 17,establishing the core infrastructure for its in-game economy.

While still in early testing, the mainnet launch signals OTG’s progress towards a full release. Notably, it’s the first Web3 game playable on PS5 and Xbox One Series. gunzilla’s ecosystem includes node rewards and earnings repurchases through GUN tokens, fueling speculation about a potential full release in the coming months.

Axie Infinity engaged players with multiple competitions on the Ronin network in April:

Sky Mavis is shifting resources to the upcoming massively multiplayer online role-playing game Atia’s Legacy. As part of this transition, the experimental center “Project T” was closed. Pre-registered users for the Axie MMO game reached 2.5 million by mid-March,indicating strong player interest.

The dark fantasy action role-playing game Seraph launched its third season on April 27, introducing new dungeons, gear, and free season passes. the update also includes:

The focus remains on sustainable P2E mechanisms that reward player effort and time,not just token trading.

April saw a series of ecosystem developments and collaborations, indicating a maturing Web3 gaming landscape. From testing new models for large publishers to opening up chain infrastructure, the field continues to evolve strategically.

Mainstream gaming companies continue to experiment with blockchain technology,with varying degrees of success.

  • Square Enix announced the closure of the Symbiogenesis project in July 2025 due to poor performance (NFT trading volume was approximately 125 ETH, and the floor price was near zero in April).

While Square Enix remains in the Web3 space, this outcome suggests that simply porting NFTs to a game is insufficient. Sega’s collaborative approach contrasts with Square Enix’s solo efforts, highlighting the importance of a native Web3 experience.

Triumphant Web3 integration requires more than just adding NFTs. It demands a deep understanding of blockchain mechanics and community-driven development.

Ubisoft announced a partnership with Immutable in April to launch the exchange card game “Might & Magic franchise,” bringing the “Might and Magic” series to the blockchain. The game is slated for release by the end of the year.

Netmarble, through its Web3 division Marblex, announced plans to launch

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