The hype around blockchain gaming has taken a noticeable dip, but industry insiders suggest the lull may signal something positive: maturation.
In April, daily active wallets in Web3 games dropped to 4.8 million, a 2025 low. Investment also tumbled—down 69% from the previous month to $21 million. For the first time, gaming no longer dominates the decentralized app space, now tied with DeFi at 21% user share, according to DappRadar.
But numbers alone don’t tell the whole story. According to analyst Sara Gherghelas, this is less of a crash and more of a course correction. Speculative “play-to-earn” projects are fading, while attention shifts to infrastructure, retention, and real engagement.
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So far this year, two-thirds of blockchain gaming investment has gone into core infrastructure—a sign that developers are preparing for long-term scalability, not short-term hype.
While investors explore other trends like AI and real-world asset tokenization, established players haven’t abandoned the space. Ubisoft’s work with Immutable and Sega’s blockchain integrations show that traditional gaming giants are still testing the waters.
“This isn’t failure—it’s refinement,” Gherghelas said. “The noise is dying down, but the builders are still here.”
Alexander Stefanov
