Quick Take
- Regulatory shifts, App Store changes, and monetization pressure driving Web2 studios onchain
- Immutable reports 53% jump in developer inbounds and 32% more active users in July
- Searches and activity around crypto gaming trending toward 2021 levels
Interest in crypto gaming is surging again, reaching levels not seen since just before the 2021 market peak, according to Immutable. The Ethereum gaming infrastructure company reports a 53% increase in developer inbounds and a 32% spike in monthly active users over the past month, driven by both macro tailwinds and renewed market attention.
“We haven’t seen this level of interest in crypto gaming since just before the 2021 peaks,” co-founder Robbie Ferguson said on X. “Headwinds are forcing Web2 games to search for new strategies for user acquisition, monetization, and retention.”
Immutable says the signals point to a more sustainable cycle than the one that defined the last bull run, which was marked by high speculation, weak retention, and limited in-game utility. The studio currently hosts 22% of blockchain games launched in 2025.
The Drivers Behind the Spike
Several factors are fueling the renewed surge in crypto gaming activity. According to CoinLaw and other sector reports, the global blockchain gaming population has reached 102 million, up 72% year-over-year, with over $620 million in monthly in-game transactions in 2025.
Search volume and platform activity are also rising, supported by:
- Regulatory clarity in the U.S., led by the Clarity Act, which formally excludes in-game assets from being treated as digital commodities
- The GENIUS Act, which introduces stablecoin regulation, unlocking more mainstream payment rails
- A U.S. federal court ruling against Apple, removing restrictions on third-party payments and allowing Web3 games to link directly to external payment options
- Rising interest in mobile-first blockchain gaming, now making up over 73% of new games launched
- Asia-Pacific and North America combining for 78% of global revenue share in blockchain gaming
These changes have lowered perceived risks and opened new monetization pathways for traditional studios, some of which are now actively exploring token launches and onchain integrations for the first time.
More Than a Market Blip
The renewed activity follows a year of contraction in crypto game funding. According to industry data, Web3 gaming investment dropped to $73 million in Q2 2025, down 93% from $1.1 billion during the same period in 2024. That pullback hit dozens of projects and forced many teams to pivot or shut down.
Now, activity is returning from both builders and players. Immutable believes that the market is cycling not just on price action but on structural improvements in tech, regulation, and business models.
This year, Ferguson said, “new regs are finally persuading [Web2 studios] it’s legal.”
