April blockchain game report: Daily activity drops to annual low, financing amount drops 69% month-on-month

Author: Dappradar; Compiler: Felix, PANews

April was a mixed month for blockchain gaming. User activity declined, funding slowed, and market attention turned to AI and real-world assets. But beneath the surface, real progress is happening: new infrastructure is coming online, large publishers are increasing investment, and high-quality games are approaching release.

This report will explore the current trends shaping the development of blockchain games, the quiet achievements, the changing narratives, and what it all means for the future.

Key Points

• User activity fell 10% in April, and the number of daily unique active wallets (dUAW) fell to 4.8 million, the lowest point so far in 2025.

• Games’ dominance in the dapp industry has also declined, now tied with DeFi at 21%, while AI is on the rise with 16% market share.

• Key games’ dominance at the blockchain level remains high: Pixudi accounts for 99% on Calypso, Off The Grid accounts for 100% on GUNZ, and World of Dypians accounts for 76% on Nebula.

• Despite the poor market environment, the blockchain gaming sector still raised $21 million, down 69% from March.

• Arbitrum Gaming Ventures allocates the first $10 million of its $200 million fund to support projects such as Wildcard, XAI, and Proof of Play.

1. Overview

It is safe to say that blockchain gaming is here to stay. It remains one of the most promising areas to bring Web3 to the mainstream. But it is clear that users' attention is shifting away from games and towards real-world assets and AI-driven projects.

The data also confirms this. In April, the number of daily active independent wallets (dUAW) for chain games was 4.8 million, down 10% from the previous month. The dominance of games in the dapp industry is also declining. Although it was once the leading category, DeFi has returned to the spotlight due to the memecoin wave. Today, AI is catching up quickly, accounting for 16% of the share, while games and DeFi each account for 21%.

But development has not slowed down, the team is still building, and funds continue to flow into this field. It is no longer so dependent on the speculative "earn while playing" mechanism, but more driven by users who are interested in gameplay, asset ownership and community.

Familiar names dominate the top game chain list, with opBNB once again at the top. To dig deeper, we analyzed the activity of game DApps on each chain and found some patterns.

• "World of Dypians" accounts for 52% of activity on opBNB and as high as 76% on Nebula (SKALE).

• On Ronin, although "Axie Infinity" is the number one game, its activity accounts for only 33%, which shows that Ronin is actively moving away from the single identity of "Axie Chain".

• Off The Grid has 100% activity on the GUNZ testnet built specifically for it, and Age of Dino has 100% activity on Xterio.

This data reveals a deeper issue: some chains are clearly built around flagship games, while chains like Ronin are evolving into ecosystems for multiple games. As competition heats up, it will be worth watching which chains succeed in developing into broader, comprehensive gaming hubs, and which chains remain limited to a single IP.

2. April Gaming Leaders

Every month we look at the top ten games ranked by activity, and April didn't have many surprises, just some of the most active projects continued to make progress. Off the Grid (OTG), a cyberpunk-style battle royale game from Gunzilla Games, made significant progress in April. Around April 17, the team activated its custom GUNZ blockchain on Avalanche and launched the mainnet node, building the core infrastructure for the in-game economy.

OTG is still in early testing, but the launch of its mainnet suggests that it is getting closer to a full release. Notably, this is the first Web3 game to be playable on PS5 and Xbox One Series. Gunzilla's ecosystem model includes node rewards and profit buybacks through GUN tokens, and speculation is growing that it may be fully released in the next few months.

Axie Infinity – Seasons Continue

Axie Infinity has been attracting players in April with several competitions on the Ronin Network:

• Axie Classic Season 9 (until the end of May) – 35,000 AXS total prize pool

• Origins Season 13 preliminaries begin on April 22

• Season 12 playoffs also concluded

Sky Mavis is shifting resources to its upcoming MMORPG Atia's Legacy. As part of this transition, the experimental hub Project T has been shut down. Player interest in the Axie MMO appears to be strong, with 2.5 million pre-registrations as of mid-March.

Seraph – Season 3 Officially Launched

The dark fantasy action RPG Seraph kicks off its third season on April 27, bringing new dungeons, gear, and a free season pass. This update also introduces:

• Stall Licenses (player-run shops)

• On-chain asset yield system, converting in-game achievements into token rewards

The focus is still on sustainable P2E mechanisms that reward players for their efforts and time, not just the trading of tokens

Comprehensive Gameplay

Star Atlas introduces two new PvP modes:

• Gunfight – a shoot-and-gun deathmatch mode with upgradeable weapons

• Zone Capture – team-based map control gameplay

The Sandbox continues the Alpha Season 5 features new UGC games such as SABOTAJ and branded experiences like Jurassic World. The season will run until May 12 and offer a $1 million prize pool, including SAND, NFTs, and LAND rewards.

Cambria has postponed the second season of The Paymasters, which was originally scheduled to launch on April 7. The RuneScape-inspired massively multiplayer online role-playing game (MMORPG) runs on Blast and Ronin, and its "risk-reward" model requires players to stake assets for high-reward dungeon challenges. The developer promised 24 hours notice before the start of the new season.

Gods Unchained announced a major backend migration: from Immutable X to zkEVM, which supports smart contracts and enables broader interoperability. The token bridge is expected to be open at the end of May, when players will automatically complete the migration.

3. Ecosystem Development and Cooperation

April saw a series of developments and cooperation in the ecosystem, reflecting that Web3 games have entered a more mature stage. From large publishers testing new models to the opening of chain infrastructure, the field continues to develop in a strategic way.

Traditional publishers in Web3

Mainstream game companies are still trying blockchain technology - some of them have achieved greater success.

Sega officially launched "KAI: Battle of Three Kingdoms", adding NFT and "earn while playing" mechanism to well-known IP.

Meanwhile, Square Enix announced that it would shut down the Symbiogenesis project in July 2025 due to poor performance (NFT trading volume was only about 125 ETH, and the floor price was close to zero in April).

Square Enix will remain in the Web3 field, but this result shows that simply porting NFTs into games is not enough. Sega's cooperation-driven strategy is in stark contrast to Square Enix's solo effort, which highlights a key experience: native Web3 experience is crucial.

In April, Ubisoft announced a partnership with Immutable. The two parties will work together to launch the collectible card game "Might & Magic franchise", bringing the "Might and Magic" series into the blockchain field. The game is scheduled to go online at the end of this year.

Netmarble x Immutable

Netmarble has made a major ecosystem announcement through its Web3 division, Marblex. The South Korean giant plans to launch seven blockchain games on the Immutable platform by 2025, including the esports-meets-NFT mechanics game Tokyo Beast.

Immutable’s zkEVM will power these games, and both parties seem confident that this partnership will bring blockchain gaming to a wider audience. Marblex also replaced its new mascot “Goby” and slogan “Fun First”, marking its deeper move into Web3.

Ronin Open to Third-Party Developers

Ronin, formerly Axie Infinity’s standalone game chain, is now officially open to third-party developers. April was productive:

• Avarik Saga, originally on Arbitrum, expanded to Ronin to benefit from lower fees and a gaming-first ecosystem

• Realms of Alurya abandoned the Treasure ecosystem and migrated to Ronin

• Community Gaming launches prediction market dapp (FORKAST) on Ronin

Ronin is transitioning from an Axie-only chain to a broader ecosystem as more games are added. However, this has also brought some trouble, as the developers of Ragnarok: Monster World moved their game to another chain and allegedly breached their contract.

Arbitrum  Exclusive Chains

Through its Orbit initiative, Arbitrum is enabling custom gaming subnets. One example that gained traction in April was Studio Chain — built in partnership with Karrat and the Arbitrum Foundation.

The chain’s flagship title is My Pet Hooligan, a battle royale game that has seen over $78 million in in-game asset volume. The game is now in the process of fully migrating its token (KARRAT) and gameplay to Studio Chain. This is indicative of a broader trend: developers are turning to app-specific chains to customize game performance and in-game economies.

4. Investment fell by 69%, but "smart" capital poured into infrastructure

Investment activity in the blockchain and metaverse sectors almost stagnated in April, but there are still some reasons for cautious optimism. The total amount of funds raised this month was only $21 million, down 69% from March. The macroeconomic situation is also unfavorable, and continued uncertainty has affected investor sentiment.

However, despite the low overall numbers, the previously announced ecosystem funds have begun to bear fruit. The most prominent of these is Arbitrum’s $200 million ARB gaming fund, which has been officially renamed Arbitrum Gaming Ventures and announced its first investments in early May after completing backend work in April.

The first $10 million in funds was allocated to five projects:

• Wildcard: a Web2 card game from Steam, now switched to Arbitrum;

• Proof of Play: blockchain services provided by Pirate Nation developers;

• XAI Network: one of the leading gaming Layer-3 chains, built on Arbitrum;

• Hyve Labs: multi-platform game distribution platform;

• T-Rex: gaming application chain;

Instead of investing in brand new independent teams, Arbitrum bets on mature studios and experienced founders to ensure the growth of the ecosystem.

It is worth noting that 66% of all funding in 2025 has been allocated to infrastructure so far. This shows that with the continued entry of traditional game companies and major investments in the ecosystem, people's long-term confidence in Web3 games has not weakened, but has become more mature.

Investors are now more focused on sustainable models, player engagement and actual retention, rather than just token hype. This shows that the market is clearly in reset mode. Funding is harder to come by, but this is not necessarily a bad thing. Some weaker projects are being eliminated and funds are pouring into developers who are laying the foundation for the next generation of blockchain games.

5. Outlook for May

May will usher in major updates, alpha test version releases, and content updates, which may shake up the Web3 gaming space.

MapleStory N

Nexon’s MapleStory N, which was officially launched on May 15, is built on Avalanche’s “Henesys” subnet. It is a blockchain game from a well-known traditional IP, and early data is strong:

• 1 million registered wallets during testing

• Over 31.5 million transactions processed

Treeverse

Treeverse Season 1 rewards event is underway, including daily tasks and leaderboards, as well as in-game/NFT rewards.

Gigaverse

Gigaverse launches two features designed to improve player retention and growth:

Illuvium

In May, Illuvium: Zero may be officially released. The ILV token is performing strongly, and the team is working hard to promote the official release. More news may be coming soon.

6. Conclusion

April was not a record month for blockchain games, but that’s okay. The industry is recalibrating. The speculative boom is cooling down, but developers are not stopping. Games continue to be launched. The ecosystem continues to expand and the infrastructure is maturing.

The decline in user activity (dUAW down 10%) and lower investment amounts (only $21 million raised) reflect the market's current risk appetite. But at the same time, we saw the first deployments of Arbitrum's $200 million fund, new studios joining Immutable, and Ronin opening up to external developers. This is not explosive growth, but foundational work.

The big publishers are still emerging, but the ones that are really making progress are those working with Web3 native teams. In addition, there has been a clear shift in priorities away from unsustainable token models and towards gameplay, interoperability, and actual user retention.