April GameFi Report: Funding Drops 69% MoM, Infrastructure Becomes the New Hotspot
In April, GameFi didn’t have its best month. Attention in the crypto market largely shifted to trending sectors like RWA and AI, leaving GameFi slightly out of the spotlight. If we had to sum up GameFi’s April performance in one sentence, it would be this:
“User activity declined, capital inflows slowed, traditional gaming giants joined in, and infrastructure took center stage.”
It’s true that some metrics dropped — but so did the hype, and what remains looks healthier. Let’s take a look at the data:
User activity dropped by 10%, with daily unique active wallets (dUAW) falling to 4.8 million — the lowest in 2025 so far.
Gaming’s share of overall dapp industry activity also dipped to 21%.
At the blockchain level, key games still dominate:
Pixudi accounts for 99% of Calypso traffic
Off The Grid accounts for 100% of GUNZ traffic
World of Dypians makes up 76% of Nebula
GameFi funding totaled $21 million, down 69% from March.
So yes, the numbers are down — but the building hasn’t stopped, and neither has capital interest. The spotlight is shifting from purely financial “play-to-earn” models to gameplay, asset ownership, and community-driven innovation.
Traditional Gaming Giants Entering the GameFi Arena
April saw more signs of the GameFi ecosystem maturing and diversifying, as major traditional publishers began exploring how their IPs could integrate with blockchain and Web3 technologies.
Ubisoft: A global game development giant, Ubisoft has been exploring blockchain and NFTs since 2021 through its Ubisoft Quartz initiative. The company released digital collectibles in Ghost Recon Breakpoint, aiming to deliver true asset ownership and community incentives, while also experimenting with Play-to-Earn mechanics.
Activision Blizzard: The studio behind World of Warcraft and Call of Duty is rumored to be researching blockchain integration. Though it hasn’t released any official products, internal teams are reportedly exploring NFT and crypto applications to extend its massive gaming ecosystem.
SEGA: The iconic Japanese studio has tested the waters with several blockchain-powered game concepts since 2022, aiming to use its vast IP portfolio to power digital collectibles and virtual goods trading.
Square Enix: Known for Final Fantasy and Dragon Quest, Square Enix has been aggressively investing in blockchain gaming and NFTs, even launching a dedicated Web3 fund. Executives have publicly stated that NFTs and blockchain are an irreversible trend in gaming.
Konami: This Japanese studio announced in 2023 that it would launch new blockchain-based projects, especially around trading cards and collectibles. Konami hopes to combine crypto-economics with traditional gameplay to offer new interaction and monetization models.
Top GameFi Projects in April 2025
Among the broader GameFi sector, only a few leading projects showed strong momentum in April:
Off The Grid: On April 17, this project activated its custom blockchain GUNZ on Avalanche, launching its mainnet nodes and laying the groundwork for a native in-game economy.
Axie Infinity: The former GameFi king stayed active by hosting multiple tournaments on the Ronin Network, rekindling player engagement.
Seraph: This dark fantasy ARPG launched Season 3 on April 27, introducing new dungeons, gear, and a free season pass.
Gods Unchained: Announced a major backend migration from Immutable X to zkEVM, unlocking smart contract support and cross-chain interoperability. The token bridge is set to launch by the end of May, with automatic migration for users.
Ecosystem Development: Infrastructure Is the Focus
While GameFi funding shrank by 69%, infrastructure development surged — marking a shift from capital-driven growth to tech- and ecosystem-driven expansion.
Cross-Chain Technology Gains Momentum
Cross-chain interoperability is now seen as the key to scaling GameFi. Seamless asset transfers, shared identities, and unified game data across chains will dramatically improve user experience. Teams are collaborating to build cross-chain bridges and multi-chain wallets that streamline asset management across different games.
NFT and DEX Integrations
The NFT and DeFi sectors are becoming more tightly integrated with GameFi. Projects are partnering with NFT marketplaces for co-branded campaigns, enhancing liquidity and utility. Players can now use NFTs in-game and trade them across platforms, unlocking new monetization paths.
Community-Driven Governance
More projects are pushing DAO models, empowering players to help shape game rules, tweak economic models, and co-create content. This deepens community engagement and increases user retention.
Project Collaboration
Cross-project collaboration is on the rise. Teams are co-hosting events, sharing users and tech resources, and building positive-sum ecosystems. For example, cross-chain tournaments now allow players to compete in multiple games using a single account, sharing assets and compounding rewards.
This evolving ecosystem shows that GameFi is no longer a collection of isolated projects, but rather a cooperative, interconnected network. The rise of infrastructure and partnerships is laying the foundation for the sector’s next explosive growth phase.
Final Thoughts
Looking back at April 2025, yes — GameFi metrics did decline. Funding dropped by 69%, and user activity fell by 10%. But that doesn’t mean GameFi is fading.
On the contrary, this is a sign of natural market correction, as energy shifts away from hype and back toward real products and technology.
The entrance of traditional gaming giants and the rise of infrastructure-focused efforts suggest that GameFi is maturing. The old “play-to-earn” narrative is being replaced by gameplay-first models, where ownership and community matter more.
In the future, whoever builds the best content and community will win. GameFi is transitioning from wild speculation to a more stable and sustainable development cycle — and that’s a good thing.
