Blockchain gaming user activity dipped and funding slowed in April, but the overall ecosystem is healthier and maturing, according to blockchain analytics platform DappRadar.
User activity dropped 10% over April, with blockchain gaming reaching a 2025 low of 4.8 million daily Unique Active Wallets, DappRadar analyst Sara Gherghelas said in the platformโs April Games Report.
Gaming dominance over the decentralized app industry also fell and is now tied with decentralized finance at 21%.ย
Gherghelas said itโs clear user attention is shifting away from gaming, but under the surface, new infrastructure went live, major publishers doubled down, and high-quality games edged closer to launch.
โThe blockchain gaming industry isnโt dead โ itโs evolving. Itโs moving from noise to signal,โ she said.
โTeams are building, and capital continues to flow into the space. What we might be seeing is a healthier ecosystem โ one driven less by speculative play-to-earn mechanics and more by users who have a genuine interest in gameplay, asset ownership and community.โ
Aprilโs blockchain gaming investment activity also dropped 69% from March, reaching $21 million.
Weaker projects die off, funds shift to builders
Gherghelas said part of the drop is because investor and user interest is increasingly shifting toward real-world assets and artificial intelligence.
Another factor is the macroeconomic landscape, with ongoing market uncertainty weighing on investor sentiment, making capital harder to secure for startups.
Gherghelas said weaker projects โare falling away,โ and funds are flowing into other projects that โare quietly laying the groundwork for the next generation of blockchain games.โ
โInvestors are now optimizing for sustainable models, player engagement, and actual retention, not just token hype,โ she added. โThis shows that the marketโs clearly in reset mode.โ
Gherghelas noted that โ66% of all blockchain game funding in 2025 so far has gone to infrastructure,โ signaling a more mature market.
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Mainstream gaming companies are also still experimenting with blockchain-powered games, with Gherghelas pointing to Ubisoft’s partnership with Immutable, and Sega adding non-fungible tokens and play-to-earn mechanics to its game, KAI: Battle of Three Kingdoms.
โApril 2025 wasnโt a record-breaking month for blockchain gaming, and thatโs okay. What weโre seeing is a space recalibrating,” she said.
โSpeculative hype is cooling down, but the builders havenโt stopped,โ she added. โGames are launching. Ecosystems are expanding. Infrastructure is maturing.โย
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