Web3 games raised $160M between 2023 and 2024, according to new report

Analytics platform Helika revealed its new report on the state of Web3 gaming today, made in collaboration with Pantera Capital. According to the report, Web3 games raised more than $160 million between February 2023 and February 2024. Helika also revealed that 2023 had seen more than 200,000 weekly gaming transactions across chains.

Helika’s report covers Web3 gaming ecosystems, play-to-airdrop campaigns, on-chain royalties and the role AI plays in Web3 game development. One of the takeaways was that developers are using AI to facilitate faster game development and a higher level of immersion for players. It also provided specific analytics for different ecosystems, including Polygon and Arbitrum.

Anton Umnov, Helika CEO and co-founder, told GamesBeat in an interview, “The most exciting opportunity showcased in this report is the number of transactions happening in web3; our data shows that more than 200K weekly transactions are occurring across chains, with peaks at 500K weekly transactions. This highlights the growing diversity and choice for studios building in Web3, allowing for greater flexibility and innovation. It reflects a future where interoperability and multi-chain functionality become standard, enhancing the ecosystem’s robustness.”

In addition to the above, Helika also extensively covers user retention in the report. As the company says, it can be difficult to compare Web3 and Web2 user retention directly, instead comparing the approaches to a number of different factors, including accessibility, community and market volatility. It also shows how different approaches effect retention rates across various example games, including Pirate Nation and Yuga Labs’ titles.

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Umnov also noted the report’s data suggesting that 70% of top Web2 studios are exploring the Web3 space — notably, Square Enix and Ubisoft among them. “This transition represents a significant opportunity to expand the total addressable market (TAM) of web3. Helika is uniquely positioned to facilitate this shift through our comprehensive suite of data and game management products, alongside our strategic partnerships with various chains. This not only supports studios in their transition but also drives the growth and evolution of the entire industry.”

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