Web3 games raised more than $160 million over a twelve-month window running from February 2023 to February 2024, according to a report by the analytics firm Helika and the crypto investment firm Pantera Capital. The period is the detail most easily lost in the headline. It is not two calendar years of fundraising. It is one twelve-month span that straddles 2023 and early 2024.
What the funding figure does and does not cover
GamesBeat published its account of the report on June 25, 2024, and updated the article on June 18, 2025. It attributes the more-than-$160-million claim to the Helika and Pantera Capital report and states the measurement window as February 2023 through February 2024. Because the headline shortens that window to “between 2023 and 2024,” readers who want a calendar-year total for 2023 or for 2024 will not find one in the reporting. Any comparison with other annual figures needs to respect the February-to-February span.
What the report examined
According to GamesBeat’s summary, the report went well beyond fundraising. Its scope covered:
- Web3 gaming ecosystems and the chains they run on, including ecosystem analytics for Polygon and Arbitrum.
- Play-to-airdrop campaigns, in which players earn token rewards for participation.
- On-chain royalties paid through blockchain transactions.
- The role of AI in game development.
- Player retention, with a caution that Web3 and Web2 retention are hard to compare directly.
Pirate Nation and Yuga Labs titles were among the examples the report discussed.
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Transaction activity across chains
GamesBeat reports that the report found more than 200,000 weekly gaming transactions across chains during 2023. Anton Umnov, Helika’s CEO and co-founder, told GamesBeat:
“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.”
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Transaction counts measure activity on-chain, not the number of distinct players or the value of spending. Read the 200,000 figure as a volume of transactions, not a count of users.
Reading the figures, with their sources
Several numbers circulate around this report, and they come from different places with different definitions. The table below separates the claims that GamesBeat attributes to the report from figures that appear in a later secondary summary published by GAMES.GG in 2026.
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| Figure | Value as stated | Period or scope | Source and qualification |
|---|---|---|---|
| Funds raised by Web3 games | More than $160 million | February 2023 to February 2024 | Helika and Pantera Capital report, as reported by GamesBeat (2024). The article does not say the amount covers two complete calendar years. |
| Weekly gaming transactions across chains | More than 200,000, with peaks at 500,000 | During 2023 | Helika report, as reported by GamesBeat (2024). Measures on-chain transactions, not unique players. |
| Studios exploring Web3 | 70% of top Web2 studios | Not stated | GamesBeat’s account of the report (2024). The article does not define “top” or “exploring.” |
| Funds raised across ventures | $162 million across 25 ventures | In 2023 (as summarised) | GAMES.GG secondary summary of the report (2026). Not reconciled with the February 2023 to February 2024 window; the original report was not available to check it. |
| Play-to-airdrop value | More than $500 million in combined circulating market-cap value | Not stated | GAMES.GG secondary summary (2026). This is market-cap value, not cash raised or cash paid out. |
| AI development-cost reduction | Up to 30% | Not stated | GAMES.GG secondary summary (2026). No methodology is given, and the summary does not establish this as a measured industry-wide result. |
When a figure from the secondary summary is repeated, keep its label and its period. Do not add the $162 million across 25 ventures to the $160 million from the February 2023 to February 2024 window, because the two may describe different periods and different sets of projects.
Why Web3 and Web2 retention are hard to compare
GamesBeat reports that the report treated retention as a difficult comparison rather than a settled finding. It identified three factors that shift retention results and that should be controlled before any Web3-versus-Web2 conclusion is drawn:
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- Accessibility: how easily a new player can start, including wallet setup and onboarding requirements for blockchain-based games.
- Community: how strongly players are tied to a social group around a title.
- Market volatility: how token and asset prices move, which can change player behavior independently of game quality.
Using these three axes, a fair comparison would hold them roughly constant or record them alongside any retention figure.
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The original Helika report page could not be reached when this article was prepared, so the headline funding claim and the transaction figures rest on GamesBeat’s reporting of the report and the interview quotation it published. The GAMES.GG figures are secondary summaries of that report and have not been checked against the original document. Where the period, definition or methodology for a figure is not given in the available coverage, this article says so rather than filling the gap.
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To verify the report directly, look for it through Helika or Pantera Capital, and check that its stated measurement window matches February 2023 to February 2024 before quoting the headline figure.
Only the figures attributed to the report itself should be treated as its findings. Secondary figures can be useful context, but they should be quoted with their source and date.
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