In November 2024, the Web3 gaming market saw significant growth, with a market value of 35.1 billion USD and daily active users reaching 5.5 million, yet still facing challenges in blockchain integration and widespread adoption. (Background: The comprehensive decline of on-chain indicators raises the question: Who has stifled the potential of Telegram mini-games?) (Additional background: October 2024 Chain Game Research Report: Will TG games explode after the outbreak? Ubisoft enters the fray strongly!) In November 2024, the Web3 gaming industry experienced notable market growth, but large-scale adoption strategies are still evolving. With Bitcoin reaching an all-time high and nearing the $100,000 milestone, the gaming sector's market value surged by 79.1% to 35.1 billion USD. Despite traditional indicators performing well, with daily active users reaching 5.5 million, the industry still faces issues related to blockchain integration and mass adoption. Market Overview: In November, the cryptocurrency market made history, with Bitcoin experiencing a remarkable rise from $69,386 to $96,427, an increase of 39.0%. Ethereum followed closely, rising by 47.8%, from $2,511 to $3,711. Bitcoin's outstanding performance allowed its market value to surpass silver and Saudi Aramco, firmly securing the seventh position among global assets after approaching the $100,000 mark on November 23. The results of the U.S. elections served as a catalyst for the growth of the crypto market, potentially impacting comprehensive cryptocurrency legislation and regulatory oversight. The market reacted positively, especially seen in the performance of popular sectors such as memecoins, decentralized artificial intelligence (deAI) projects, and decentralized science (DeSci). The broader financial market also performed strongly. The financial sector led the stock market under expectations of U.S. tax reforms and relaxed regulations. However, some volatility was observed in the international market, with the yuan under pressure due to concerns over potential U.S. tariffs, while gold prices fell as election-related uncertainties diminished. Blockchain Gaming Market Overview: In November, blockchain gaming tokens experienced substantial growth in the bullish crypto market, with market value skyrocketing from 19.6 billion USD to 35.1 billion USD. The daily trading volume in this sector exhibited a similar momentum, increasing by 79.4% to 11.9 million USD. Daily active users reached a new high in November, averaging 5.5 million, a 15.7% increase from October. This growth was primarily attributed to sustained user activity on opBNB and the solid performance of the Ronin ecosystem. Trading metrics, however, displayed complexity. Although the average daily trading volume reached 15.3 million transactions (up 3.3% from October), the average number of transactions per user declined from 3.131 to 2.810. The total monthly trading volume remained stable at 460.4 million transactions, indicating a downward trend in the intensity of new users' utilization of blockchain functionalities. Games like Off The Grid may represent a key turning point in the industry's approach to blockchain technology adoption. By positioning themselves as traditional games with optional blockchain elements rather than "NFT games," it reflects that widespread adoption may require more nuanced integration of blockchain technologies. This strategy of "making blockchain functionalities optional and invisible" helps to overcome initial resistance from many gamers towards cryptocurrencies, reducing friction, but it also raises fundamental questions about the role of blockchain in gaming. The technical challenges facing fully on-chain games remain significant. Existing blockchain infrastructure struggles to meet the high throughput demands of real-time gameplay, competitive matching, and modern gaming. While Layer 2 solutions and dedicated gaming public chains are emerging, the gap between traditional gaming performance expectations and blockchain capabilities continues to influence development strategies. Despite the current bull market providing favorable conditions for growth, the Web3 gaming sector has yet to produce a moment of definitive significance. The industry seems to be at a crossroads between maintaining crypto-native appeal and achieving widespread adoption, requiring gaming projects to balance both aspects effectively and ensure that technological infrastructure keeps pace with project ambitions. Blockchain Gaming Public Chain Overview: In November, the number of active games on blockchain networks reached 1,696, a 4.6% increase from October. In terms of game distribution, the market leaders remain BNB Chain, Polygon, and Ethereum, with shares of 20.9%, 15.4%, and 13.4%, respectively. opBNB's growth momentum continued, with average DAU increasing by 46.1% from October. This growth was primarily driven by its flagship games SERAPH: In The Darkness and MEET48, while the platform also benefited from projects migrating from BNB Chain. Ronin showed significant recovery, with November DAU doubling from 600,000 to 1.2 million, thanks to new partnerships introducing several game studios, the launch of the new game Fableborne, and a resurgence in player numbers for the existing game Lumiterra. The TON gaming ecosystem faced challenges, with DAU declining by 41.9% to 116,400, highlighting retention challenges for blockchain-based Telegram games. However, there are always exceptions in the industry. Sui's average DAU in November was 233,300, a 23.1% increase from the previous month. The Telegram game BIRDS contributed a significant portion of the user base, with an average DAU of 224,900, and its weekly new user retention rate can be considered a model in the current blockchain gaming industry. The Web3 gaming industry continues to coexist with challenges and opportunities. More industry participants are engaging in blockchain gaming infrastructure, and more gaming public chains are emerging. As one of the largest Web3 gaming guilds, Yield Guild Games (YGG) launched its Studio Chain, building its own gaming infrastructure. Meanwhile, B3 introduced the Open Gaming Layer, with Prime Chain being the first blockchain it launched. Developed by Echelon Prime Foundation, Prime Chain will provide infrastructure and development momentum for the ambitious sci-fi card game Parallel. Blockchain Game Overview: As of the end of November, the industry had a total of 3,602 blockchain games, with 1,361 maintaining active participation. Among these games, 298 attracted more than 1,000 monthly active users (MAU), accounting for 21.9% of active games. Analyzing Telegram game metrics, we can see a significant gap between platform users and blockchain participation. As of November 30, Hamster Kombat ranked second in monthly active users among Telegram games, with 26.16 million MAU, but its on-chain users numbered only 736. Even MemeFi, which achieved the highest conversion rate among the top 10 games, had an on-chain participation rate of only 7.96%, with 1.36 million TON users. Despite facing these conversion challenges, the success of the Telegram gaming ecosystem is ongoing...

#MATIC #BNB #ETH