Chain games did not enter the mainstream on a large scale in 2024, but significant progress was made in gameplay and user acquisition.
Senior gaming executive and CEO of Delabs Games, Joonmo Kwon, stated: 'Since the rise and subsequent decline of 'Axie Infinity', the Web3 gaming world has made significant advancements. While Axie's early success showcased the potential of a blockchain-based economy, its decline also revealed the challenges of sustainable token economics and user retention.'
The biggest advancement in Web3 games is the emergence of Telegram ecosystem games, which have nearly 1 billion users. Telegram-based games utilize the TON blockchain. According to TonStat data, the number of accounts on the TON network increased from about 4 million to 128 million over the course of a year.
According to Kwon, by mid-year, the GameFi market valuation reached approximately $17 billion, primarily due to the rise of the Telegram gaming ecosystem.
However, although the adoption rate of Web3 games has risen in 2024, The Block's GMCI gaming index shows that as of December 18, major gaming-related tokens have fallen by about 7% year-to-date. This index includes major gaming tokens such as BEAM, GALA, and IMX, but excludes TON (which has risen by over 100% this year).