Blockchain (web3) gaming has faced a challenging start to 2025. According to a recent report from Raiden (Gaming Chronicles), as of early April, 24 gaming tokens have launched this year, with the total expected to reach the mid-30s by year-end. While this level of activity reflects continued interest and development in crypto gaming, broader market conditions have placed significant pressure on token performance across the board.

State of Gaming Token Launches in 2025

Market Performance

In the period between March 10 and April 7, the overall trend among gaming tokens has been downward. Prices for nearly all tracked tokens declined during this timeframe, reflecting a broader drop in market confidence and trading activity. On average, these tokens are down approximately 70 percent from their all-time high market capitalizations, underscoring the difficulty of maintaining value after the initial launch period.

Off the Grid's GUN currently holds the highest fully diluted valuation (FDV) among this year’s gaming token launches, while SONIC and B3 follow closely. Despite GUN's leading FDV, SONIC and B3 maintain higher actual market capitalizations. This reflects a broader strategic trend: the adoption of low circulating supply and high FDV models has become increasingly common. This structure provides project teams with greater control over token performance, especially in a market where the number of sellers often exceeds the number of buyers.

Off the Grid's GUN Token on Binance

Launch Dynamics and Early Sentiment

GUN’s launch has been one of the more significant events for crypto gaming in 2025, particularly due to its listing on Binance and the level of institutional backing it received. While the first week following its launch was seen as underwhelming, attributed largely to weak macroeconomic sentiment, there has been a modest uptick in trading volume over the past several days. This change suggests the potential for improved performance, though it remains too early to determine whether the trend will hold.

The tendency for gaming tokens to experience their peak attention and valuation at launch remains consistent. In most cases, tokens see initial spikes followed by either gradual or sharp declines. This repeated pattern raises broader concerns about the sustainability of current launch strategies. The underperformance of many tokens has led to ongoing discussions about whether the challenges stem from a lack of innovation, flawed distribution models, poor market sentiment, or a combination of all three.

Off the Grid's GUN Token on Binance

Future Developments and Industry Outlook

Despite the largely disappointing results of the first quarter, a number of upcoming projects are seen as possible catalysts for change within the space. Teams behind Uncharted: Fishing Frenzy, Gigaverse, and MapleStory Universe are among those expected to introduce new or refined approaches to token launches. These projects may offer alternative models that better align with current market realities and user expectations.

From a product development perspective, there are reasons for cautious optimism. Many web3 gaming projects have made significant strides in gameplay quality, user experience, and technical infrastructure. While token performance has struggled, the underlying products continue to show progress, which could serve as a foundation for more stable growth in the coming months.

As the year continues, the performance of upcoming token launches and the evolution of launch strategies will be closely monitored. The ability of new projects to attract and retain user interest, while maintaining reasonable token dynamics, will likely shape the direction of crypto gaming through the rest of 2025.

Source: Raiden (Gaming Chronicles)